Petrol crisis set to worsen as ships bound for Australia cancelled

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The prime minister has been phoning his global counterparts to try and shore up Australia’s fuel stocks over the coming weeks and months, as the Middle East war sends shockwaves through global supply chains.

The government will bring together business leaders for a food security summit on Monday, as logistics companies warn petrol and diesel price hikes are putting their operations under increasing pressure.

Australia is heavily reliant on fuel imports, bringing much of it in from South Korea and Singapore, which in turn rely on oil from the Middle East.

Anthony Albanese was working the phones to ensure Australia’s imports were not forgotten in the global rush for oil, Assistant Foreign Minister Matt Thistlethwaite said.

‘The prime minister’s negotiating with our Asian neighbours and counterparts to try and maximise the amount of fuel that is available in Australia,’ he told Sky News on Monday morning.

Thistlethwaite suggested Australia could leverage its natural gas exports to incentivise countries such as South Korea to continue sending fuel.

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