Worsening fuel crisis prompts Bowen flight to Riyadh

Energy Minister Chris Bowen faced worsening fuel crisis due to the Middle East tensions. He announced a flight to Riyadh to consult with Saudi counterpart Prince Abdulaziz about oil supply. The drone attack on Saudi Arabia's East-West oil pipeline damaged a key route for transporting oil, affecting global supplies. The Australian government extended the temporary reduction of the Minimum Stockholding Obligation for petrol and diesel until January 31, 2027, to maintain flexibility in the domestic fuel market.

Despite the soaring global oil prices, Australia continues to have more fuel than at the start of the Iran war, with 41 ships arriving this month alone. The federal government is not considering cutting the fuel excise for now, instead, providing cost-of-living relief in other ways.