Australia is not considering any "drastic" measures as the country is yet to directly feel the impact of oil supply shortages caused by the US-Israel war on Iran, local media reports said on Sunday.
Six oil ships bound for Australia have been cancelled in recent days, but the Energy Minister Chris Bowen said the government is not yet considering any drastic measures, the Australian Broadcasting Corporation reported.
Bowen said the ships from Malaysia, Singapore, and South Korea that were scheduled to arrive next month have been cancelled or deferred.
The federal government is working to replace the ships, with some already substituted, he added.
The flow of oil to Asian refineries, Bowen further said, has slowed, and that has downward impacts on Australia.
On average, Australia receives about 80 shipments of oil each month, predominantly from Asia.
With only two domestic refineries still operating, Australia gets more than 80% of its petrol, diesel, and jet fuel from refineries in Asia, particularly South Korea, Singapore, Malaysia, and China.
These Asian refineries get, on average, about 60 to 70% of their crude oil from the Middle East, mostly via the Strait of Hormuz, which has been effectively closed by Iran.
In Sri Lanka, the government has implemented a support mechanism for fuel price increases in response to the latest surge in petroleum prices.
The island country raised fuel prices by 25% on Sunday, marking the second increase in two weeks.
Cabinet spokesman Minister Nalinda Jayathissa said the government is currently losing Rs. 20 billion ($60.4 million) per month from fuel sales at current rates, according to the local English newspaper Daily Mirror on Sunday.
