'Hoarding has stopped': Albanese reveals fuel levels

Drivers have almost a week’s more petrol and diesel in reserve than they did at the start of the Iran war, as the prime minister met with state and territory leaders on the ongoing fuel crisis.

Anthony Albanese met virtually with premiers and chief ministers for national cabinet on Monday, as he confirmed Australia’s fuel supply remains secure well into July.

There is 43 days of petrol in national reserves, five days more than the stockpile at the start of the war in late February.

The latest figures also revealed there was 38 days of diesel in reserve, six more than at the start of the war, and 31 days of jet fuel, an increase of two.

“There’s a tail wind here as well, but it was a positive meeting and supply is looking secure into July,” Mr Albanese told reporters in Canberra.

“The hoarding of fuel has stopped. People are taking just what they need, and that means that for those sectors who rely particularly upon diesel, it is making a difference.”

Energy Minister Chris Bowen confirmed 48 cargo ships with fuel onboard are on their way to Australia, with 3.4 billion litres to be delivered over the coming month.

Of that, 1.8 billion litres will be diesel.

Despite a fragile ceasefire, US President Donald Trump has told officials not to rush into a deal with Iran to end the war.

A blockade remains in place on the Strait of Hormuz, where one-fifth of the world’s oil flows through.

Mr Albanese said he wanted a resolution to the crisis.

“We are very hopeful that the positive signs of a de-escalation and peace in the region will lead to a conclusion that is in the global economy’s interests, and it is therefore in Australia’s interests as well,” he said.

We know, though, this is volatile and uncertain times, and I want to make it clear that when the conflict ends, that doesn’t mean that the economic tail concludes.”