MELBOURNE, Australia (AP) 鈥� Australia has agreed to underwrite two companies buying fuel at inflated prices, with Prime Minister Anthony Albanese warning Thursday that supply disruptions would 鈥渉ave a long tail鈥� even if the ceasefire holds.
The government had agreed to terms with Australia鈥檚 largest suppliers Ampol and Viva Energy to underwrite contracts for gasoline and diesel bought on the spot market for prices above normal commercial rates, said.
The government would also have the power to direct how that fuel was distributed, with a focus on regional and farming areas where gas stations have run dry in recent weeks, Albanese said.
鈥淭his will have a long tail, which is why after this we will travel to Singapore,鈥� Albanese told reporters at an Ampol refinery in Australian city of Brisbane.
鈥淚鈥檓 looking forward to a constructive meeting with Prime Minister tomorrow,鈥� Albanese said.
鈥淲e don鈥檛 preempt one-on-one meetings at leaders鈥� levels, but the fact that we鈥檙e being welcomed at relatively short notice to Singapore speaks about the strength of the relationship,鈥� he added.
Albanese鈥檚 visit would continue Singapore鈥檚 regional engagements to keep fuel supply flowing by strengthening fuel access for Australia, a Singaporean government statement said.
Australia was Singapore鈥檚 second-largest supplier of liquefied natural gas and Singapore was Australia鈥檚 largest supplier of refined petroleum products.
鈥淭his visit follows Australia and Singapore鈥檚 joint commitment to keep fuel flowing between both countries and to work together to strengthen energy supply chain resilience,鈥� Singapore said.
Albanese said his government was moving quickly to increase Australia鈥檚 fuel supply.
He described the announcement this week of in the Middle East war as an important step forward.
鈥淚f the ceasefire holds, that doesn鈥檛 mean that the world global capacity comes online in a week or a month. It will take as considerable period of time. This will have a long tail. That is very, very clear,鈥� Albanese said.
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