Australia has locked in another month’s worth of fuel, but consumers and motorists brace for higher prices

Listen to Australian and world news, and follow trending topics with SBS News Podcasts.

TRANSCRIPT

As United States President Donald Trump lashes out at Iran over the ongoing closure of the Strait of Hormuz, Australians are bracing for yet more price hikes at the bowser and checkout.

Like some others in Canberra, One Nation M-P Barnaby Joyce has told the Seven Network he believes it’s best not to comment on Mr Trump’s profane social media outburst.

“I can only make things worse for Australians if we participate in sort of a character reference of the President. We are going to rely on the United States incredibly if things get worse and it sounds like they’re not getting better.”

Providing some relief for consumers over the Easter long weekend, the government’s fuel excise cut is slowly bringing down petrol prices.

However, diesel prices remain stubbornly high, with the Australian Competition and Consumer Commission tasked with monitoring those that haven’t reflected the tax cut in their prices.

Federal Liberal Party M-P Andrew Wallace has told the Nine Network that those caught ripping consumers off should face consequences.

“And there needs to be prosecution Heidi, it’s one thing to have investigators walking around with notepads, but if there are situations where fuel stations aren’t passing that on they should prosecute them for price gouging.”

According to the federal government, 3.4 per cent, or more than 270, service stations around the country are still without diesel.

That number down from 400 on Good Friday.

148 service stations are without unleaded, with New South Wales facing the biggest shortage in the country.

Federal Energy Minister Chris Bowen says work is underway to ensure farmers get the fuel they need.

“People have been prioritising getting diesel to our farmers to make sure they can get the seeds into the ground. So again, a lot of hard work being done over the Easter break by the fuel companies, by the servo workers. Not everyone was able to have a day off and thank you to all those workers who work so hard. More work to do.”

According to the government, 3.7 billion litres of different types of fuel are heading to Australia this month.

Mr Bowen says Australia’s fuel shipments are now legally locked in for well into May, but with no guarantees on what comes next.

“We recognise that it’s a difficult international environment and there are risks to supply chains as long as the Strait of Hormuz remains closed. That’s why it’s important everyone works together as best as possible in this most contested period, to see those Straits opened as quickly as possible so the economic impact on Australia, and the rest of the world, can be minimised.”

Australia imports 80 per cent of its fuel, mostly sourcing from Asia.

If key trading partners struggle to secure oil in the coming weeks, Australia will face further supply challenges.

One key trading partner is Singapore, where Prime Minister Anthony Albanese is travelling to later this week in an effort to shore up supplies.