Australia has begun releasing fuel from its reserves after panic buying led to shortages at some petrol stations amid rising global energy tensions.
The government approved the move overnight, allowing an additional 762 million litres of petrol and diesel to enter the market from Tuesday. Officials expect the increased supply to help ease prices that have surged in recent weeks.
Petrol prices rose by nearly 50 cents per litre across Australia’s five largest cities between Feb 20 and Mar 11, with the average price reaching about A$2.20 per litre, according to the Australian Competition and Consumer Commission.
Authorities in New South Wales, the country’s most populous state, said 32 of its roughly 3,000 petrol stations were running low or had already run out of fuel.
Long queues have formed at petrol stations as motorists rush to stock up, despite government appeals urging people to buy only what they need.
Energy Minister Chris Bowen said demand for fuel has doubled since the bombing of Iran, warning that panic buying could worsen supply pressures.
With inputs from BBC