The prime minister will meet with state and territory leaders at a national cabinet meeting on the fuel crisis, as further supply measures for drivers are set to be unveiled.
Anthony Albanese will convene the virtual meeting with premiers and chief ministers on Wednesday, as jurisdictions continue to manage the fallout from the war in the Middle East at the bowser.
Treasurer Jim Chalmers said the meeting would also finalise fuel security measures which will be outlined in Tuesday’s federal budget.
“It’s all about making sure there’s more fuel for motorists and for industry, and more fuel security for our economy more broadly,” he told ABC Radio.
“(There’s) a big emphasis on securing more fuel, making our supply chains more resilient, and funding this fuel tax cuts, which is in the budget as well.”
A temporary cut of the fuel excise has already been unveiled, carving 26 cents off a litre.
That $2.5 billion measure is due to run out at the end of June, but the treasurer has not confirmed whether the excise cut would continue beyond that point.
Mr Albanese said national cabinet meetings would be held on a regular basis throughout the fuel crisis in a bid to quell concern.
National cabinet has meet been meeting on a fortnightly basis to discuss the approach on fuel supply.
Mr Albanese said in April drivers shouldn’t assume the fuel security level will be increased just because national cabinet is meeting, and any change of that front would be telegraphed.
The latest figures have shown Australia having 43 days’ supply of petrol, 33 days of diesel and 28 days of jet fuel.
Australia has more fuel supply than it did at the start of the war in Iran, which has led to the closure of the Strait of Hormuz.
It comes as US Secretary of State Marco Rubio said American military operations against Iran had ended.
Mr Rubio said the focus was now on reopening the Strait of Hormuz, where 20 per cent of the world’s oil supply flows through.
