<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The prime minister will talk to state premiers and chief ministers today in a national cabinet meeting aimed at ensuring </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australia"><span>Australia</span></a><span> has a united response to the global </span><a href="https://www.9news.com.au/oil" rel="" target="" title="oil"><span>oil</span></a><span> supply shock.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But while supply chains, fuel reserves, local refineries (or the lack thereof) and the uncertainty brought about by the war in </span><a href="https://www.9news.com.au/iran" rel="" target="" title="Iran"><span>Iran</span></a><span> may be on the agenda, the nation's more immediate concern appears to be ensuring businesses and everyday Aussies do their bit.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The snap meeting will discuss efforts to reduce fuel shortages, particularly in regional areas where some petrol stations have closed.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"It's a different world now", Anthony Albanese said in a speech to the Australian Automotive Dealer Association in Sydney. "We need to acknowledge that, and we need to respond to that".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span> </span><strong><span>PETROL PRICES:</span></strong><span> </span><a href="https://www.9news.com.au/finance/usa-israel-attacks-iran-economic-impact-australia-oil-prices-westpac-forecasts/2a0de929-dd28-4b32-a6e6-33ce45e2b9ba"><strong><span>Dire warning about war's impact in Australia</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He said panic buying and stockpiling were causing shortages. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Be a good neighbour, a good community member, and a good Australian. It's not the Australian way," he said. </span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/national-cabinet-meeting-oil-supply-shock-war-iran-anthony-albanese/82395f65-e5ca-402b-a627-4e4fe8e41db1" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Some of the fuel storage that we've seen can be quite dangerous as well.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Just take what you need, be sensible. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There has been, in some places, a doubling of demand. That shouldn't occur. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We do have fuel security here in this nation, but we need to be sensible about these issues."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/government" rel="" target="" title="federal government"><span>federal government</span></a><span> has been at pains to emphasise there is enough fuel in the country at the moment, and that shortages at some bowsers – particularly regional ones – have been caused by panic buying.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It's a point experts agree with.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Stockpiling – whether by households or farmers – risks creating the very shortages we are worried about," Macquarie University finance lecturer Dr Lurion Mello said earlier this week. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>FEDERAL BUDGET:</span></strong><span> </span><a href="https://www.9news.com.au/national/federal-budget-2026-government-hint-changes-capital-gains-tax/938c783c-4361-4c06-bde7-bc3168cd2016"><strong><span>With one sentence, treasurer drops major hint on $22 billion tax overhaul</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Petrol supplies remain relatively secure, and companies… are already sourcing additional product from the US, demonstrating that alternative supply pathways exist."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The ACCC hauled fuel companies in for a please-explain about </span><a href="https://www.9news.com.au/petrol-prices" rel="" target="" title="prices that skyrocketed"><span>prices that skyrocketed</span></a><span> before wholesale rises hit the local market – which the NRMA says caused panic buying in the first place – and the government has touted doubled fines for businesses busted profiteering off the crisis.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There's no place for any company to try to take advantage of this, to increase their profits at the expense of Australians," Albanese said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But longer-term, the nation </span><em><span>is</span></em><span> exposed to a prolonged supply shock.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"(Australia) imports a large share of its refined petroleum," finance professor Sajid Anwar said. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>FINANCE:</span></strong><span> </span><a href="https://www.9news.com.au/national/rba-interest-rates-the-danger-on-the-flipside-of-the-rbas-rate-hike/0f884e4a-cc94-45b9-8ff4-98567d0cd712"><strong><span>'Global recession risk': The danger on the flipside of the RBA's rate hike</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The country typically holds around 30 days of fuel stocks, well below the 90-day level recommended by the International Energy Agency. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Although Australia draws on multiple suppliers, including Singapore, South Korea and Japan, these sources sit within the same Asia-Pacific supply chain, meaning major regional disruptions could still affect supply."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Energy Minister Chris Bowen said on Tuesday Australia's supply is comfortably locked in until "well into April" – raising the obvious question about what happens in a month's time or so when those contracts are gone.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The biggest risk would seem to be what will happen to our fuel supply in April, beginning around Easter," </span><a href="https://www.smh.com.au/politics/federal/australian-importers-look-to-africa-us-for-oil-as-refineries-cut-back-20260317-p5ofle.html"><span>Bowen's opposition counterpart, Dan Tehan, told </span><em><span>The Age</span></em></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a speech yesterday, Albanese spoke of the need for Australia to become more self-sufficient in a changing – and challenging – global environment, while also flagging relief for households and businesses in the upcoming federal budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>RATE HIKE:</span></strong><span> </span><a href="https://www.9news.com.au/national/australian-families-cost-of-living-fuel-and-interest-rate-hikes-hit-mortgage-holders/9dfdd7b0-be22-4af1-b04f-d50702c5b947"><strong><span>Average Aussie household almost $75 a week worse off than six weeks ago</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Today's meeting, though, has been flagged as more focused on national cooperation. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The prime minister said each state and territory to appoint a "point person" to liaise with the federal government, and the </span><a href="https://www.afr.com/politics/federal/it-s-a-different-world-now-albanese-calls-in-national-cabinet-20260318-p5okij"><em><span>Australian Financial Review</span></em><span> has reported a national fuel tsar will be named</span></a><span> to coordinate the overall response.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>While it has emergency powers in its arsenal if required, the government has reiterated fuel rationing isn't on the agenda anytime soon, even if it </span><a href="https://www.9news.com.au/national/petrol-prices-australia-richard-marles-doesnt-rule-out-fuel-rationing/c9de0481-bc04-47d2-a272-7606548029ef"><span>can't be completely ruled out</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Similarly, Albanese didn't totally shut the door on the government buying directly from the global market to shore up supply.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We're preparing for every contingency, and we'll continue to do so," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google 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