Australia prepares for oil prices above US$120 a barrel as diesel passes $3 a litre nationwide

<p>Fuel stocks at same level as when US and Israel launched their war on Iran a month ago, energy minister says</p><ul><li><p><a href="https://www.theguardian.com/australia-news/live/2026/mar/25/politics-federal-queensland-nsw-parliament-tony-burke-jim-chalmers-middle-east-fuel-crisis-ntwnfb">Follow our Australia news live blog for latest updates</a></p></li><li><p>Get our <a href="https://www.theguardian.com/email-newsletters?CMP=cvau_sfl">breaking news email</a>, <a href="https://app.adjust.com/w4u7jx3">free app</a> or <a href="https://www.theguardian.com/australia-news/series/full-story?CMP=cvau_sfl">daily news podcast</a></p></li></ul><p>The federal government is preparing for scenarios where global oil prices spike above US$120 a barrel, as diesel prices nationwide go past $3 a litre and the prime minister, Anthony Albanese, plans another national cabinet meeting to plan petrol supply.</p><p>The treasurer, Jim Chalmers, said one option under consideration was expanding ethanol mandates across the country, after Guardian Australia <a href="https://www.theguardian.com/business/2026/mar/25/albanese-government-could-increase-ethanol-level-in-fuel-as-farmers-warn-on-food-prices">revealed the government was analysing increasing the biofuel’s supply</a>.</p> <a href="https://www.theguardian.com/australia-news/2026/mar/25/oil-prices-above-120-barrel-diesel-australia">Continue reading...</a>

Read the full article at: The Guardian World →