Prime Minister Anthony Albanese has announced that his administration will acquire extensive authority to guarantee the procurement of large fuel shipments, aiming to address the ongoing fuel crisis in Australia.

Accompanied by Energy Minister Chris Bowen, Albanese revealed this initiative during a press briefing held in Sydney on Saturday morning.

“In essence, we will leverage Export Finance Australia to back the acquisition of significant fuel consignments, enhancing our domestic supply,” Albanese explained.

He emphasized that this governmental intervention is not routine business. It is intended to secure additional supplies accessible on the global market.

The newly introduced fuel security measures will empower Australia to back shipments that might otherwise incur prohibitive expenses, especially when such fuel is crucial for national security.

Furthermore, Bowen provided the latest weekly update on the country’s fuel reserves.

The energy minister said there are 39 days of petrol (1.6billion litres) ‘which is up, very slightly’ and 30 days of diesel (2.7 billion litres) ‘which is pretty flat’. Australia has 30 days of jet fuel, which equates to 828million litres.

‘While the fuel is flowing strongly out the door, especially to regional Australia, it also continues to flow in the door,’ Bowen told reporters. ‘Every expected arrival has arrived and our international supply chain remains secure at this point.’

Anthony Albanese said Australia’s fuel supply outlook remains secure ‘in the near term’

Chris Bowen on Saturday said there are 39 days of petrol (1.6billion litres) ‘which is up, very slightly’ and 30 days of diesel (2.7 billion litres) ‘which is pretty flat’ (a BP in Sydney)

The new security powers will require amendments to the Export Finance and Insurance Corporation Act, with legislation to be introduced on Monday. 

Albanese said his government was taking national action to get fuel restocked, with the measures to also allow for the purchase of fertiliser and other essentials. 

‘Put simply, there is a risk of a private purchase of a shipload of fuel at higher prices because there is so much uncertainty with the war in the Middle East,’ he said. 

‘This is about risk mitigation for them, to add to supply here. It will give suppliers the confidence to secure additional and discretionary cargos used to service un-contracted demand, including for regional and independent fuel suppliers.’

‘I want us to have the strongest possible plants, so we’re ready for what may come.’

Albanese said Australia’s fuel supply outlook remains secure ‘in the near term’. 

‘Let’s be clear. The longer this war goes on, the more the impacts will be. What we want is to be over-prepared, and that is essentially the action we’re taking now.’

The National Road Transport Association had called for three ‘urgent’ actions ahead of the announcement from Albanese. 

Albanese and his Energy Minister Chris Bowen are pictured on Friday

Cars are see queuing for petrol at at BP in Sydney 

These included emergency financial support payments for affected transport businesses, a six-month moratorium on heavy vehicle equipment loan repayments and a suspension of the road user charge.

‘A consistent, nationwide approach is critical to ensure operators aren’t facing a patchwork of measures and can access the same level of support regardless of where they operate,’ chief executive Warren Clark said.

‘These are practical, short-term measures that would deliver immediate cashflow relief and help keep trucks on the road.’

The Coalition has called for a reduction in the fuel excise to provide relief to motorists.

But Mr Clark said the reduction alone would not be enough to address the scale of the current crisis.

‘The government’s response has fallen well short of what industry urgently needs,’ he said. ‘Operators are crying out for help, yet the government continues to be largely absent at a time when decisive intervention is critical.’

Opposition Leader Angus Taylor said halving the 52.6c a litre excise, as well as the heavy vehicle road user charge, would provide immediate relief for households.

The government said new cargoes had replaced six fuel shipments to Australia that had been cancelled or deferred.

Labor has repeatedly insisted Australia has enough fuel and any shortages are being driven by panic-buying.

The US-led war on Iran has disrupted one of the world’s most important oil corridors, sending global oil prices skyrocketing.