Australia's Fuel Crisis: Stockpile Release & Inflation Pressures

0:00On March 16th, here's the latest out of Sydney. Australia's energy minister, Chris Bowen, says fuel from the national stockpile will help ease petrol and diesel shortages, but it won't arrive. Everywhere, right away. On Friday, the government ordered companies to release almost one-fifth of the reserves to get more supply into the market. The shortages stemmed from panic buying by drivers worried about skyrocketing prices. Those price gems tied back to the conflict in the Middle East, which is disrupted global supplies. Dozens of service stations across the country have run dry as a result. Retailers are struggling to keep up with the sudden rush from customers stocking up. Bowen explained on ABC 730 that the supply chain is complex, so it will take some days with the extra fuel to flow through to all areas. Companies assure it will start making a difference soon. Meanwhile, inflation pressures from higher fuel costs are in focus today. The Reserve Bank meets at 2.30pm to decide on interest rates with a hike expected.

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