Australia secures fuel supply pacts with Japan, Singapore
Australia has secured fuel supply agreements with Japan and Singapore to ensure a stable supply of refined oil products. The agreements come amid concerns over potential disruptions to fuel exports due to the war in Iran, which has already led to significant fuel price rises in Australia.
Australia's government has received guarantees from Japan and Singapore that they will continue to supply fuel to the country. Despite being a large fossil fuel exporter, Australia relies heavily on Asian refineries for its oil products. The guarantees were given by Japan, South Korea, and Singapore after Assistant Foreign Affairs and Trade Minister Matt Thistlethwaite requested assurances. Australia is seeking to diversify its sources of oil products, including making purchases from the US and Mexico. The country has seen significant fuel price rises and shortages of certain types of fuel due to the war in Iran.
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