Australia's Fuel Crisis: Shortages & Soaring Prices

0:00On March 27, Australia is facing fuel shortages and skyrocketing prices after the war in Iran shut down the Strait of Hormuz. Prime Minister Anthony Albany says the country's supply remains secure, with shortages blamed on the man spikes rather than any drop in imports. Prices have surged since the conflict began, with average petrol hitting 238 cents per liter on Sunday, up from 100. 71 cents, just four weeks ago. Diesel and Sydney reached a record, 314.5 cents per liter by Thursday. Drivers and truckers are getting stranded, while businesses worry about staying afloat amid the rising costs. Panic buying has led hundreds of stations to run dry, as people stockpile fuel in Jerry cans and transport firms tell drivers to top up whenever they spot supplies. Independent stations are hit hardest without long-term deals from oil companies. The government has released oil from the national stockpile, eased fuel standards, and ruled out rationing for now.

1:00An emergency national cabinet meeting is set for Monday to tackle the crisis, especially after a cyclone knocked out major gas plants in Western. Australia tightening global supplies further. Official stress preparations are in place to cushion the blow as the war drags on. From around the world, powered by AI, this is Global News Today.