Geelong Refinery Fire Impacts Australia's Fuel Supply

0:00It's April 16th. You're listening to Sydney News today, AI-powered local news. I'm Cori with the story. A fire ripped through the Viva energy refinery in Jalong, one of just two left in Australia hitting two petrol production units and slashing output. To minimum levels on petrol, diesel, and jet fuel. This plant normally handles 120,000 barrels of crude A-Day, covering 50% of Victoria's demand and 10% nationwide. Australia is already on thin ice for fuel, importing 90% of its knees with some of the world's lowest strategic reserves, all while a war in. The Middle East that kicked off February 28th squeezes global supplies. Fuel companies and the Albany's government are scrambling to build reserves amid a rush from worried drivers, bracing for potential shortages at remote stations and businesses down the line. Early assessments show the damage isn't total catastrophe. Most of the facilities still running, with solid crude deliveries into June and fuel imports.

1:00Locked in through May. Viva's confident they can ramp back up soon. Prices are up 30% to about $2.24 a liter from spiking global crude costs, not local shortages, and supplies look. Steady at least to mid-year, as importers diversify and talks heat up with Asian partners.