Squiz Today Our fuel supply is under pressure, and the royals touch down
Mar 12, 2026
A looming fuel squeeze and temporary relaxation of petrol standards are explained. Rising crude prices after Middle East attacks and possible market fallout are discussed. A famed chef steps down amid abuse allegations. Super Netball returns and the Matildas face a big Asian Cup match. Danish royals arrive for trade talks and a busy national tour.
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Australia's Fuel Reserves Are Strained
- Australia's fuel reserves are below mandated levels with only 36 days of petrol and 32 days of diesel on hand.
- Energy Minister Chris Bowen relaxed petrol standards for 60 days to allow higher-sulfur fuel into domestic supply and ease regional diesel shortages.
Strait Of Hormuz Disruption Pushes Oil And Markets
- Middle East attacks on ships in the Strait of Hormuz have halted much commercial shipping and pushed crude above US$100 a barrel.
- The market shock wiped about $47 billion off the ASX top 200 and raised odds of an RBA interest rate rise next week.
Don't Hoard Fuel Ahead Of Holidays
- The government is urging Australians not to hoard fuel ahead of Easter road trips.
- Energy Minister Chris Bowen explicitly told people to get what they need but not less and not more to reduce panic buying pressure.