Prime Minister Anthony Albanese says Australia now has 46 days' worth of petrol, 39 days of diesel and 34 days of jet fuel in storage – a total of 6.5 billion litres across all fuel types, the highest volume since mandatory stockholding rules were introduced three years ago.
''We currently have more fuel than we had at the start of this conflict, and indeed this is the highest total amount of fuel in Australia since we introduced our fuel stock holding,'' Mr Albanese told reporters in Sydney on Saturday.
There are 55 ships on the water bound for Australia and a further 3.2 billion litres of fuel locked in to be delivered over the next four weeks, as fighting in and around the Strait of Hormuz again disrupts shipments from the Gulf.
The government has retained fuel security level two, meaning no rationing or restrictions, but the prime minister urged drivers to show restraint.
''We ask Australians to just take what fuel you need - no more, but no less - to go about your business,'' he said, arguing a calm, ''orderly'' approach with industry and international partners was keeping supplies stable despite the war.
The conflict between the United States and Iran has escalated in recent days, with strikes on infrastructure and renewed tensions in key shipping lanes near Hormuz and the Red Sea helping push Brent crude higher and fuelling concerns about global supply.
At Australian pumps, however, prices remain below some earlier peaks.
According to FuelPrice Australia, the national average for Unleaded 91 across Australia's capital cities is about $1.76 per litre, with diesel averaging $2.04 per litre nationally.
Average ULP 91 prices across the capitals range from about $1.65 to $1.77 a litre, with motorists paying around $1.70 in Sydney, $1.74 in Melbourne, $1.75 in Brisbane, $1.73 in Perth, $1.65 in Adelaide, $1.77 in Canberra, $1.75 in Hobart and $1.77 in Darwin.
Mr Albanese said maintaining strong domestic reserves, securing diversified import routes and the continued take-up of more fuel-efficient and electric vehicles were all helping buffer households and businesses from the worst of the turmoil offshore.
''It is stating the obvious to say that we're not through all of this conflict yet,'' he said.
''We will continue to closely monitor developments in the Strait of Hormuz and the implications for Australia's fuel supply, and to act responsibly.''
