Labor to underwrite Australian fuel imports under new security powers to ensure supply

Albanese announces forthcoming legislation to guarantee private sector purchases of fuel and fertiliser

The Australian government will take on the financial risk of importing essential products affected by the war in the Middle East to get additional supplies of petrol, diesel, and fertiliser into the country.

The prime minister, Anthony Albanese, announced the new fuel security powers on Saturday after a month of soaring diesel and petrol prices and widespread shortages at service stations, particularly in regional Australia.