Strategic Reserves Insufficient, Hundreds of Australian Gas Stations "Out of Fuel"

Wallstreetcn
2026.03.24 02:57
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As the US-Iran conflict enters its fourth week, disruptions in the Strait of Hormuz have triggered a fuel crisis in Australia. With hundreds of gas stations running dry and reserves dwindling – Victoria reporting over 109 stations with at least one fuel out of stock, New South Wales 37 stations completely out, and Queensland facing shortages of diesel and regular unleaded petrol – the nation, heavily reliant on imported refined fuels, is facing an unprecedented energy shock. Six oil tanker shipments originally scheduled for next month have been canceled or delayed, exacerbating fears about future supply. Current petrol reserves are only sufficient for 38 days, and diesel and jet fuel reserves for just 30 days, far below the international standard of 90 days. The crisis hits at a critical time for agricultural production, with farmers warning of depleted diesel and fertilizer stocks, further complicated by the prolonged shutdown of a major domestic fertilizer plant