Despite being a large-scale fossil fuel exporter, the vast majority of Australia’s oil products comes from refineries across Asia. South Korea alone contributes about a quarter of Australia’s fuel imports, according to the Institute for Energy Economics and Financial Analysis, while another 13% comes from Singapore’s neighbour Malaysia. On Saturday, Energy Minister Chris Bowen said that Australia was seeking to diversify its sources of oil products as a result of the war in Iran, including making purchases from the US and Mexico. Australia has seen significant fuel price rises following the outbreak of the war, which has halted much of the trade through the Strait of Hormuz. Just 17% of the nation’s oil products are refined onshore, and hundreds of petrol stations across Australia have reported shortages of certain types of fuel in the past week.

Source: The Edge Markets April 05, 2026 08:35 UTC