Australia adjusts fuel standards to release 100 million litres amid Middle East tensions
Australia will allow higher sulfur levels in fuel for two months to release 100 million litres into domestic supply, officials said Thursday. This follows petrol price spikes since the Middle East war, with Iran closing the Strait of Hormuz after US-Israeli strikes killed Ayatollah Khamenei. Energy Minister Chris Bowen stated Ampol will redirect supply to regions facing shortages, prioritizing farmers, fishers, and rural communities. Australia, an IEA member, will contribute to the 400 million-barrel oil release to ease global pressure. Treasurer Jim Chalmers blamed retailers for price-gouging despite sufficient fuel stocks. This affects Australian consumers through potential price stabilization but highlights global supply chain vulnerabilities.