Energy Minister Chris Bowen has reassured motorists that Australia’s petrol and diesel supplies remain secure, despite panic buying and growing reports of fuel shortages crippling regional communities.

Bowen told reporters in Canberra on Tuesday there was ‘plenty of fuel in the country’ and insisted the challenge is a ‘huge spike in demand, not a problem with supply’.

He said recent fears reflect panic buying, not a shortfall, and announced he will convene a roundtable with the National Farmers’ Federation, the peak trucking body, oil majors and other industry stakeholders to address supply concerns in the regions.

‘There is absolutely no need for panic buying or panic anything,’ he told ABC Radio.

‘We are in a very uncertain time internationally, but we enter this crisis very well-prepared.

‘Not one single shipload of diesel, petrol or jet fuel to Australia has been interrupted.’

But that assurance has failed to ease anxiety, as multiple independent fuel retailers warn a real crisis is unfolding, particularly outside metropolitan centres.

Many country towns are already running out of petrol and diesel, a situation threatening essential freight, meat and crop production, and sparking calls to consider temporary rationing in cities to prioritise the bush.

Chris Bowen (pictured) said that there was ‘plenty of fuel’ and the issue was a demand spike

Regional suppliers report an unprecedented 40 per cent surge in demand over the past week.

Some wholesalers have begun rationing fuel, forcing farmers and truck operators to pay inflated retail prices at servos after being cut off from bulk deliveries.

Global oil markets have swung wildly as the Persian Gulf conflict intensifies.

Oil prices plummeted from $120USD to $88USD overnight, prompting public demands for bowser prices to fall accordingly.

Shadow Energy Minister Dan Tehan and Nationals Senator Bridget McKenzie have written to Bowen, demanding the government immediately release up-to-date fuel stock figures and spell out how it will prevent widespread shortages.

Their letter warns that multiple regional petrol stations ran dry last weekend, leaving farmers, truckies and entire communities stranded.

‘Urgent action is required by government to give our transport, logistics, agricultural, mining and fisheries industries, and the general public, confidence they’ll be able to get the fuel they need at a competitive price,’ they wrote on Tuesday.

The Coalition slammed Labor for relying on petroleum stock data that hasn’t been updated since December, based on November industry figures.

The Coalition has called for new oil and gas exploration in an effort to reduce future shocks

With the supply outlook deteriorating in March, they called for daily updates until volatility in prices and supply recedes.

They pressed Bowen to reveal which customers, especially in agriculture, manufacturing and freight, are at immediate risk of running out, and to outline what’s being done to fix supply gaps.

Tehan and McKenzie also took aim at the government’s energy strategy, accusing Labor of undermining long-term energy security.

‘After four years of the Albanese government, until recently there have been no new areas released for gas or oil exploration in Commonwealth waters,’ they said.

‘And the government has failed to deliver a policy framework to support investment in a domestic renewable diesel and biofuel industry.’

Opposition Leader Angus Taylor echoed those concerns, warning the Middle East conflict is worsening a situation already made difficult by inflation.

‘There’s a heightened level of anxiety among Australians who were already feeling the sting of rising inflation,’ Taylor said.

‘Now the shock of war in the Middle East has made it far worse.’

Source: https://www.dailymail.co.uk/news/article-15630543/Chris-Bowen-petrol-fuel-supply-australia.html