Australia's Fuel Tankers Cancelled, Prices Surge

0:00In Sydney, it's March 21st, and here's what is going on. Australia's Energy Minister Chris Bowen has confirmed that six fuel tankers expected after mid-April have been canceled or deferred due to the middle. East conflict. Some of these shipments are already being replaced by importers and refiners using other sources, while two local refinaries continue running at full. Capacity and other vessels keep arriving on schedule until mid-April. The disruptions have driven up global oil prices, leading to higher petrol and diesel costs here that are adding pressure on consumers and inflation. With Treasurer Jim Chalmers warning, they might not drop back to normal levels this year or even for three years if tensions drag on. Bowen stressed the country is a long way from rationing fuel, with plans in place including coordination, with states and territories, and current. Reserves holding 38 days of petrol, plus 30 days each of diesel and jet fuel. Officials are urging people to buy only what they need to avoid demand spikes in regional areas

1:03as they monitor for more potential bumps, but remain confident in managing the supply chain.