A 13-hour blaze at one of Australia's two oil refineries could impact petrol prices and supply.
7 hours ago
Tiffanie TurnbullSydney
Getty Images
Fuel production at a critical Australian oil refinery has significantly dropped after a major fire but tougher restrictions will not be introduced, the country's prime minister has said.
Viva's Corio refinery, near Geelong, is one of only two in Australia, which has been feeling the affects of a global oil supply crunch caused by the Iran war. It typically produces about 50% of the state's fuel and 10% of the nation's.
The fire, caused by equipment failure and beginning just before midnight on Wednesday, burned for 13 hours.
The government has warned the damage at the site may further impact fuel prices and reserves, but has urged calm.
"The advice... today is that 80 percent of diesel production is continuing, 80 percent of aviation fuel is ongoing," Prime Minister Anthony Albanese said.
"But 60 percent of petrol production is proceeding today as well. We hope, of course, as does the company, that ramps up over the coming period."
Australia is currently at stage two of a four-level fuel security plan which was agreed to by federal, state and territory leaders last month.
Albanese said the fire wouldn't move the country to the third stage, which would see practical measures limiting fuel use - or rationing - introduced.
The prime minister returned early from a overseas trip to countries in South East Asia, aimed at shoring up oil supplies, to visit the facility on Friday.
Australia relies heavily on imported refined fuels and Albanese announced this week he had secured an extra 100 million litres of diesel from Brunei and South Korea.
Speaking to media, he said he believed Australia should have more of its own oil refineries.
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