{"id":375690,"date":"2026-04-12T09:01:16","date_gmt":"2026-04-12T09:01:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/375690\/"},"modified":"2026-04-12T09:01:16","modified_gmt":"2026-04-12T09:01:16","slug":"australia-has-struck-a-fuel-deal-with-singapore-but-why-are-prices-still-high","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/375690\/","title":{"rendered":"Australia has struck a fuel deal with Singapore. But why are prices still high?"},"content":{"rendered":"

Singapore has assured Prime Minister Anthony Albanese that it will do everything in its power to ensure more than half of the country’s fuel imports continue arriving in Australia.<\/p>\n

\"PrimePrime Minister Anthony Albanese and Prime Minister of Singapore Lawrence Wong. (Dominic Lorrimer)<\/p>\n

According to Nine’s chief political editor Charles Croucher, this won’t change anything at the bowser.<\/p>\n

“\ufeffUnfortunately I think this is fuel security, not a fuel surplus,” Croucher told Today.<\/p>\n

“So don’t expect there’s going to be a flood of availability coming to Australia that causes prices to go down.”<\/p>\n

Just over 170 service stations across Australia are now out of diesel.<\/p>\n

Diesel prices are still hovering above the $3 per litre mark, despite government efforts to put downward pressure on oil companies with a temporary excise \ufeffreduction.<\/p>\n

The average price of diesel is $3.17 per litre and $2.20 for \ufeffunleaded, according to Fuel Radar.<\/p>\n

\"FuelFuel prices on April 11 in Alphington, Victoria. (Supplied)<\/p>\n

Singapore supplies just 15 per cent of Australia’s diesel and 55 per cent of the country’s petrol.<\/p>\n

More mutual energy agreements may need to be struck elsewhere in the Asia to shore up Australia’s supply outside of reliance on the Strait of Hormuz, including Korea, Brunei and Japan.<\/p>\n

Japan’s Prime Minister Sanae Takaichi is reportedly planning a visit to Australia later this month.<\/p>\n

It is expected the Japanese PM will discuss the Strait of Hormuz and the supply of rare-earth minerals.<\/p>\n

\"\"\/Singapore refines Middle Eastern oil and ships fuel around the world, including more than half of the petrol imported by Australia. (9News)<\/p>\n

Energy Minister Chris Bowen has previously warned there will be a “long tail” even after the conflict ends and ships begin sailing through the Strait of Hormuz.<\/p>\n

“Even if it opened today, there’s a big backlog of ships, there’s been gas plants bombed out of existence,” he told reporters on yesterday.<\/p>\n

“The international energy situation will take a long time to recover from this. This is not over.”<\/p>\n

He said Australia has 38 days’ worth of petrol, 31 days’ worth of diesel, and 28 days’ worth of jet fuel in reserve.\ufeff<\/p>\n

NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"Singapore has assured Prime Minister Anthony Albanese that it will do everything in its power to ensure more…\n","protected":false},"author":2,"featured_media":375691,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[138,219,111,139,69],"class_list":["post-375690","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-new-zealand","tag-newzealand","tag-nz"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/375690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=375690"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/375690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/375691"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=375690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=375690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=375690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}