![\"Geelong](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/https:\/\/prod.static9.net.au\/fs\/95677f64-3854-435c-8464-44b6c83da4e1.png\")
A fire at an oil refinery in Geelong has not impacted fuel supply as much as some experts predicted. (Nine)<\/p>\nPetrol prices have continued to fall despite yesterday’s fire at a Geelong oil refinery, but Australians could still face “severe” economic consequences, the treasurer warns.<\/p>\n
There were concerns fuel supply could have been gutted by the fire at the Viva Energy oil refinery, but the average price for petrol is actually expected to drop below $2\/litre across the country over the weekend as global prices fall.<\/p>\n
\ufeffVisiting the stricken plant today, Prime Minister Anthony Albanese said the impact to fuel production at the refinery had been limited.<\/p>\n
A fire at an oil refinery in Geelong has not impacted fuel supply as much as some experts predicted. (Nine)<\/p>\n
“Eighty per cent of diesel production is continuing, 80 per cent of aviation fuel [production] is continuing,” he said.<\/p>\n
Imports are helping replace any lost supply, and experts say the trends are positive.<\/p>\n
“We’re getting up close toward 40 days of petrol, so these are good trends,” ANU supply chains expert David Leaney said.<\/p>\n
The good news may stop there, if the warning from Treasurer Jim Chalmers is anything to go by.<\/p>\n
![\"Treasurer](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/https:\/\/prod.static9.net.au\/fs\/92bcc72f-444a-411d-af5e-fb65b6513b11.png\")
Treasurer Jim Chalmers. (Nine)<\/p>\n
“\ufeffThe consequences of this conflict on the other side of the world are already very serious for Australians and they risk becoming severe,” he said in Washington DC today.<\/p>\n
He believes Australia won’t head towards a recession, but that economic growth could slowed considerably.<\/p>\n
It remains to be seen how this will impact the budget, set to be handed down next month.<\/p>\n
While the fuel supply situation is improving, some want more to be done to ensure Australia is never in this position again.<\/p>\n
![\"\"\/](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/04\/https:\/\/prod.static9.net.au\/fs\/4a32d8c0-8b27-472e-a0ad-bf672dde737d.jpeg\")
Opposition Leader Angus Taylor has called for more oil exploration within Australia. (Eamon Gallagher)<\/p>\n
Queensland Premier David Crisafulli called on the government to open a third oil refinery in Gladstone.<\/p>\n
Federal Opposition Leader Angus Taylor agreed, saying Australia needed to get its hands dirty and produce more oil.<\/p>\n
“\ufeffWe’ve got to get more oil out of the ground,” he said.<\/p>\n
“We’ve got to drill, drill, drill.”<\/p>\n
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