Geelong Refinery Fire Disrupts Australia's Fuel Supply

0:00It's April 16th, Sydney News. Today starts now, AI powered and ready. A major fire hit Viva Energy's refinery in Jolong. One of Australia's last two oil refineries, disrupting fuel supply right as folks woke up to the news. The plant which handles more than half of Victoria's fuel and 10% of the nation's total, cut production to minimum levels and halted trading on the share market. Energy Minister Chris Bowen warned it could affect petrol output for some time, though diesel and jet fuel keep flowing for now. Analysts say expect a quick price spike in Victoria, hitting about a quarter of Australia's demand and rippling nationwide with the government, scrambling for pricier imports. This comes amid global tensions from the U.S. and Israel's conflict with Iran, pushing Australia's fuel security plan into its second level of action, including tax cuts and reserve releases to keep things moving.