SYDNEY — Australia’s fuel crisis, triggered by disruptions from the US-Israel conflict with Iran and the effective closure of the Strait of Hormuz, continued into mid-April 2026 with hundreds of service stations still reporting shortages, diesel prices exceeding $3 per litre in many areas and economists warning of growing recession risks if supply restrictions become necessary later this year.
Australia Fuel Crisis Deepens April 2026: Diesel Shortages Hit Farms and Trucks as Recession Warnings Grow
Energy Minister Chris Bowen stated this week that Australia holds approximately 38-39 days of petrol reserves, 29-31 days of diesel and about 30 days of jet fuel, with 57 ships carrying more than 4.1 billion litres of fuel secured through May. However, regional areas and the transport sector face ongoing pain, with diesel shortages particularly acute for farmers, truck drivers and miners who keep the economy moving.
As of early April, the number of service stations without diesel had fallen from peaks above 400 to around 173-312 nationwide, depending on daily reporting, with New South Wales hardest hit at times with over 180 stations affected. Hundreds more ran dry on unleaded petrol in rural and outer suburban locations. Panic buying earlier in the crisis exacerbated the situation, though government appeals for normal purchasing habits helped stabilise some queues.
The crisis stems from Australia’s heavy reliance on imports. The nation sources about 90% of its refined fuel from Asian refineries that depend on crude oil passing through the Strait of Hormuz, which handles roughly one-fifth of global supply. Disruptions since late February or early March, including cancelled or delayed shipments and reduced refinery output in Singapore, South Korea and Malaysia, created a lag effect now biting into domestic availability. Even with a reported ceasefire in the Iran conflict, experts say repairs to damaged infrastructure mean full supply recovery could take months.
Petrol prices surged from around $1.80 per litre pre-crisis to averages near $2.20-$2.50, while diesel climbed sharply toward or past $3 in affected regions — a jump of 50% or more in weeks. A typical family’s weekly fuel bill rose by $20-$30 or higher, adding thousands annually for heavy users. The government halved fuel excise tax for three months, providing roughly 26-32 cents per litre relief at the pump, and released portions of national stockpiles while temporarily relaxing fuel quality standards to broaden import options.
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Prime Minister Anthony Albanese’s administration activated elements of its four-stage National Fuel Security Plan. The country currently operates in a heightened “plan and prepare” or voluntary conservation phase, encouraging carpooling, reduced unnecessary travel and efficient driving. Stage three could involve prioritising fuel for essential services such as emergency vehicles, food transport, agriculture and mining if shortages worsen. The government has underwritten spot-market purchases by major suppliers Ampol and Viva Energy at inflated prices and holds powers to direct distribution toward vulnerable regions.
Farmers and the transport industry bear the brunt. The National Farmers’ Federation warned of potential food price hikes up to 50% if diesel shortages disrupt planting, harvesting and distribution. Truck operators face viability threats, with some reports suggesting up to 70% could struggle without relief. Fertiliser shortages compounded by higher transport costs add pressure on agriculture. Qantas responded by cutting domestic flight capacity 5% and warned of jet fuel costs ballooning to $3.1-$3.3 billion for the half-year.
Retail giant Wesfarmers, owner of Bunnings, Kmart and Target, paused delivery fees on eligible orders until September to ease cost-of-living strain on customers. Used electric vehicle prices rose as some motorists reconsidered combustion engines amid sustained high fuel costs.
Economist Shane Oliver of AMP warned that prolonged disruptions could tip Australia toward recession in the second half of 2026. While immediate price spikes hurt households, the real danger lies in physical shortages forcing usage restrictions that ripple through supply chains, inflation and business confidence. The International Monetary Fund flagged broader global energy crisis risks with potential stagflationary effects.
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Critics, including opposition figures and industry groups, pointed to long-term vulnerabilities: Australia once operated eight domestic refineries but now has only two — Ampol’s Lytton in Brisbane and Viva Energy’s Geelong facility — meeting less than 20% of needs. The country holds far below the International Energy Agency’s recommended 90-day reserve obligation, a gap highlighted in past warnings. Calls grow for boosting local production, including accelerated development of the Taroom Trough oil fields in Queensland, where test wells show promise but commercial output may not flow until 2028 at earliest.
In response, the government pursues diplomacy with Singapore, Malaysia and Brunei to secure additional refined fuel. A $20 million public campaign urges fuel conservation. Transport Minister Catherine King confirmed ongoing efforts to support heavy vehicle operators through reduced road user charges.
Regional impacts vary. Urban centres in Sydney, Melbourne and Brisbane see sporadic outages but generally better access, while country towns sometimes face multi-day dry spells at the single local servo. Some stations imposed purchase limits during peak disruption. Vigilante-style complaints about alleged price gouging emerged, though the Australian Competition and Consumer Commission monitors retailers.
Despite challenges, Bowen and Albanese stressed that no expected April shipments failed to arrive and new orders replaced cancellations. They encouraged Easter and school holiday travel to proceed normally, though many families adjusted plans to shorter trips or public transport where possible.
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Broader economic effects include rising goods prices as transport costs feed into groceries and retail. Confidence among households and businesses dipped sharply. Some analysts note a silver lining in accelerated interest in electric vehicles, with second-hand EV values climbing.
Longer-term solutions under discussion include incentives for domestic refining and storage expansion, greater biofuel or hydrogen integration, and stronger strategic reserves. Queensland Premier David Crisafulli highlighted his state’s potential role in boosting local oil output and refining capacity.
As the crisis enters its second month, the Albanese government faces balancing short-term relief with preparations for possible extended “long tail” disruptions even if Middle East tensions ease. Treasurer Jim Chalmers prepares talks with international counterparts on energy security.
Motorists are advised to fill up responsibly, combine trips and consider alternatives like public transport or remote work where feasible. For businesses, contingency planning around logistics remains essential.
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The situation underscores Australia’s exposure at the end of global supply chains. While immediate reserves and secured shipments provide a buffer into May, the coming weeks will test resilience as Asian refinery constraints potentially tighten further. Government, industry and consumers alike watch developments in the Middle East and Asian fuel markets closely.
For the latest station availability and prices, drivers can check apps and websites from major fuel networks or the Australian Institute of Petroleum. Authorities continue monitoring and stand ready to escalate measures if needed to keep essential services running.
The fuel crisis of 2026 serves as a stark reminder of energy security’s importance in a geopolitically volatile world. Australia’s response will shape economic outcomes well beyond the current disruptions.
Shares of Multi Commodity Exchange of India rose as much as 3% to hit an intraday high of Rs 2,849 on the BSE on Wednesday, extending their rally for a fifth straight session and taking cumulative gains to 12% over this period.
Trading activity remained strong, with around 16.12 lakh MCX shares changing hands, translating into a turnover of nearly Rs 460 crore. The rally comes amid a broad-based surge across commodities, lifting trading activity on the exchange. MCX typically benefits when commodity prices move higher as well as during periods of volatility, as both factors tend to drive higher trading volumes.
A rise in prices across key segments such as bullion, energy and base metals encourages greater participation from traders and hedgers, boosting transaction volumes. Since the exchange earns a significant portion of its revenue from transaction fees, higher volumes translate directly into improved earnings visibility.
MCX Q3 snapshot
The company reported a sharp rise in earnings for the quarter ended December 31, 2026, with consolidated net profit surging 151% year-on-year to Rs 401 crore from Rs 160 crore in the same period last year. The profit after tax is attributable to the owners of the company. Revenue from operations also saw strong growth, rising 121% YoY to Rs 666 crore in Q3FY26 from Rs 301 crore a year earlier.
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On a sequential basis, performance remained robust. Net profit jumped 103% from Rs 197 crore, while revenue increased 78% from Rs 374 crore in the previous quarter. Operating performance strengthened significantly during the quarter, with EBITDA climbing 144% to Rs 527 crore. Also read: ICICI Pru Life zooms 7% on Q4 nos. Should you buy or sell?
Business activity also picked up sharply. Average daily turnover of futures and options rose 224% YoY to Rs 7,50,136 crore from Rs 2,31,821 crore. The bullion segment continued to dominate, with its share in ADT increasing to 69% on a quarter-on-quarter basis, supported by the launch of new contracts such as Gold Mini and Gold Ten futures.MCX shares are up 30% since the beginning of the year.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
FOX Business correspondent Edward Lawrence reports on the Trump administration’s crackdown on Iran’s finances as the Treasury Department targets banks for handling Iranian illicit money on ‘The Big Money Show.’
The Trump administration is sending letters to banks in four areas about handling Iranian money.
The letter obtained by FOX Business says the Treasury Department has evidence that banks in Oman, the UAE, Hong Kong and China have allowed Iranian funds used for illicit activities to be funneled through them.
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A senior administration official not authorized to speak publicly says this is the first step to adding secondary sanctions on those banks, which would cut them off from the U.S. financial system.
Treasury Secretary Scott Bessent on Tuesday warned companies and countries against paying Iran to transit the Strait of Hormuz. (Abdul Saboor/Reuters)
“Now is the time to finally disable Iran’s ability to support terrorism, threaten the region and global markets, and seek to continue its nuclear and ballistic missile program, which the U.N. has prohibited,” the letter said.
The Trump administration is sending letters to banks in four areas about handling Iranian money. (Andrew Kelly/Reuters)
Treasury Secretary Scott Bessent on Tuesday warned companies and countries against paying Iran to transit the Strait of Hormuz because that opens them up to secondary sanctions. Bessent is leading the sanction charge in Operation Epic Fury.
Tankers are seen at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in the Sharjah Emirate, along the Strait of Hormuz. (Giuseppe Cacace/AFP via Getty Images)
This letter is different, but shows the administration’s willingness to up the ante and truly go after the Iranian money.
The U.S. waiver to sell Iranian oil at sea will expire on April 19.
Virgin Australia has announced that it will lessen the number of flights it operates as the global fuel crisis continues.
The bad news, however, does not end there as the airline also announced that it will be hiking up ticket prices for its flights.
Virgin Australia Lessen Flights, Hikes Prices
According to a report by ABC News, Virgin revealed that it will lessen its flights by one per cent in the three months leading up to June 30.
Virgin also revealed that the company is expecting fuel costs to reach $30–40 million more than previously expected in the second half of the current financial year.
To deal with the costs, 9News says that the airline now plans to earn a five per cent revenue per seat. This an increase from the previous three to four per cent revenue.
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All the changes have been attributed by Virgin to the ongoing fuel crisis.
“The price of jet fuel has been extremely volatile and has more than doubled since the end of February 2026 which impacts fuel costs for the June 2026 quarter,” the Virgin told investors.”
The airline added, “Virgin Australia’s policy is to operate hedging with higher volumes in the short term to mitigate this price volatility, with other operational levers including fare and capacity adjustments available to be implemented over time.”
Qantas Slashes Domestic Flying Capacity
Virgin Australia’s move comes after another Australian airline, Qantas, announced that it will be reducing its domestic flying capacity by five per cent.
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Qantas has temporarily stopped four regional domestic routes, according to ABC News. Another one has been removed permanently.
According to Qantas, the company is set to pay $3.1 billion to $3.3 billion for jet fuel over the second half of the current financial year.
Qantas Group has assured that they are “closely monitoring the situation given the ongoing uncertainty in global fuel supply chains.
Rolls-Royce Motor Cars CEO Chris Brownridge unveils the new Coachbuild Collection, Project Nightingale, with only 100 cars. He discusses minimal tariff impact, the decision to retain V12 engines, and strong US market demand for luxury vehicles.
Rolls-Royce Motor Cars CEO Chris Brownridge unveiled Project Nightingale — the first model in the company’s newly launched Coachbuild Collection — during a FOX Business exclusive interview Tuesday, describing it as a “very special” addition to the ultra-luxury brand’s lineup.
“Today, we’re announcing Project Nightingale,” Brownridge told “The Big Money Show” co-host Taylor Riggs.
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“Project Nightingale is a very special motorcar for Rolls-Royce. It is the first of our Coachbuild Collection,” he added.
Rolls-Royce first announced the Coachbuild Collection in March, describing it as “an entirely new proposition in super-luxury” featuring highly limited, invitation-only vehicles.
This photo from Rolls-Royce Motor Cars shows the new Nightingale project. (Courtesy: Rolls-Royce Motor Cars)
“Each Coachbuild Collection is rare and extravagant, authored entirely by Rolls-Royce and created on a completely new canvas, never to be repeated,” the release stated.
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Participation in the program will be limited to clients with a “special affinity” for the marque.
Brownridge noted the Nightingale will be built on the company’s “architecture of luxury” and produced in highly limited numbers, with about 100 units planned.
Chris Brownridge in the presentation suite at Rolls-Royce’s manufacturing facility and global headquarters in Goodwood, U.K., on Dec. 9, 2025. (Murray Ballard/Bloomberg via Getty Images)
Because of its rarity, he said, the Coachbuild approach allows for greater design freedom and more elaborate craftsmanship.
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“Because it’s so rare and so unusual, it allows us to have a greater freedom in terms of the design, so we can produce something which is truly spectacular, extremely extravagant, and something that, if you were to drive it down the street, everyone would stop and look,” he said.
Brownridge’s interview with Riggs also touched on artificial intelligence, electric vehicles, tariffs and luxury demand in the U.S.
‘Barron’s Roundtable’ panelists Jack Otter, Ben Levisohn, Megan Leonhardt and Andrew Bary discuss the impact of tariffs on the auto industry and share top stock picks.
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He said more than 30 clients in the region have already committed to Project Nightingale, calling it a strong signal of demand.
“There are more than 30 clients that are committed to that car in this region. So that’s a great sign for me in terms of the demand which we see in… this part of the world.”
The delay in the decision is preventing major expansion on the site
Trevor Bevins, Local Democracy Reporter
07:43, 15 Apr 2026
A map of how Dorset Innovation Park might look(Image: Local Democracy Reporting Service)
A significant increase in employment at Dorset’s Innovation Park could materialise next year – once the Ministry of Defence finalises its future spending plans. Councillors have been informed that a delay in spending decisions by the MoD is already preventing one major expansion on the site, which already has planning approval, with other potential developments likely to proceed as soon as funding is confirmed.
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Several of the companies on the site are defence-related including those working on the development of autonomous and semi-autonomous machines for land, sea and air.
The Dorset Council-owned enterprise zone site has recently completed the acquisition of additional land next to the site with discussions also taking place about attracting a hotel after a consultant’s report indicated it should be commercially viable.
Other discussions under way include plans for a new gatehouse, which is currently regarded as a drawback for the Winfrith site, and a proposal to establish a catering outlet, possibly located at the Battlelab.
Councillors on the shareholders committee have also been informed that approaches are being made for a permanent education satellite facility on the park – with discussions having taken place with Bournemouth University, Yeovil College and Plymouth University.
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The shareholders committee was told that Fareham Borough Council, which owns a similar business park, ‘took off’ after securing a permanent higher education facility on its site.
Businesses already operating at the Dorset site are understood to be supportive of securing an education partner, which would assist with their own workplace training programmes, with many indicating it is crucial to future job creation and staff retention.
Outstanding issues include public transport links to the site from the surrounding area, with priority being given to connections from Wool railway station to the Innovation Park – proposals under consideration include establishing a bus route and exploring alternative options such as hire electric bikes and scooters.
Dorset Council’s portfolio holder for finance, Cllr Simon Clifford, told the shareholders meeting he was ‘heartened’ by the progress being made by the company which will eventually assume day-to-day management of the site – a responsibility currently being shared with Dorset Council officers.
Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well, you can land a Jumbo on the spread and still have clearance for take-off. From time to time, I buy shares, mostly to not be categorized as a degen by my fellow investor friends, therefore the 50%-50% allocation. My timeframe tends to be between 3-24 months.I like stocks that have experienced a recent sell-off due to non-recurrent events, particularly when insiders are buying shares at the new lower price. This is how I often screen through thousands of stocks, mainly in the US, although I may own shares in banana republics. I use fundamental analysis to check the health of companies that pass through my screening process, their leverage, and then compare their financial ratios with the sector, and industry median and average. I also do professional background checks of each insider who purchased shares after the recent sell-off. I use technical analysis to optimize the entry and exit points of my positions. I mainly use multicolor lines for support and resistance levels on weekly charts. From time to time I draw trend lines, taken for granted, in multicolor patterns. Note: I tried to keep my introduction as real, and authentic as possible. I dislike empty suits, high-level BS, deep-level BS, unnecessary jargon, and self-indulgent, third-person written introductions with an air of superiority.Thanks for reading my introduction!
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The shares of IT companies surged up to 5% on Wednesday, amid overall optimism on Dalal Street and Wall Street following hopes for fresh Iran-US talks, along with easing concerns about AI-led disruption.
After taking a significant beating earlier this year due to AI worries and war-led inflationary concerns, the stocks have partially recovered so far in April. Nifty IT jumped more than 2% to emerge as one of the top sectoral gainers on the markets today.
Fresh hopes for Iran-US peace talks
Pakistani officials cited by the Associated Press indicated on Tuesday that Islamabad has proposed a second round of talks to the United States and Iran, while US Vice President JD Vance earlier said negotiations with Iran “did make some progress” and US President Donald Trump said earlier “we’ve been called by the other side” and “they want to work a deal.”Trump hinted at the second round of talks, saying Iran talks ‘could be happening over the next two days’ in Pakistan, as quoted by Reuters, citing the NY Post. He said that Washington was more ‘inclined’ to go to Pakistan for the peace talks that could possibly bring an end to the nearly seven-week-long war in the Middle East. The renewed hopes for fresh peace talks, after the previous round collapsed over the weekend, boosted investor sentiment.
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Earlier, the raging war in the oil-rich Middle East and the subsequent rally in energy prices had led to inflationary worries in the US. IT companies derive a major portion of their revenue from the US economy, inflationary worries and concerns around subsequent lower demand impacted IT stocks back home on Dalal Street. However, the renewed optimism has boosted investor sentiment.
AI worries
Before the Middle East war, it was artificial intelligence that dampened sentiment for the IT stocks earlier this year. The tech stocks saw a massive decline in February with the launch of new and innovative artificial intelligence tools by AI startup Anthropic, which triggered worries around disruption in the software services. Back on Dalal Street, shares of Infosys, Wipro, TCS, HCLTech and other IT companies, saw a sharp selloff.However, while some doomsday prophets painted a grim picture for IT shareholders, some analysts were quick to point out that an overall replacement of software engineers by AI is unlikely. The new technology would instead increase efficiency across the companies, boosting margins, according to them.
Goldman Sachs released its Q1 earnings on Monday. During an analyst’s call, David Solomon, Chairman and CEO of Goldman Sachs, said he is hugely forward-leaning on the power of artificial intelligence to accelerate growth at the bank. “Whenever you have accelerations in new technology, there are going to be bumps, there will be risk issues, and recalibrations. But the power of this technology to use it in an enterprise to increase efficiency is incredibly constructive,” he added. Entrepreneur and financial expert Gurmeet Chaddha highlighted that Solomon claimed that AI taking over enterprise software is not easy.
IT shares rally
Tata Consultancy Services (TCS) shares, which recently fell after its Q4 results, gained more than 3% today to trade at Rs 2,551 apiece.
Wall Street ended higher yesterday, with the S&P 500 jumping more than 1% to close near the record high level it had hit in January. Tech-heavy Nasdaq Composite gained nearly 2% while Dow Jones Industrial Average rose 0.7%. Microsoft shares gained more than 2%, while Amazon rallied nearly 4%.
Calm before the storm?
Despite the optimism, some caution is warranted. After previous Claude models rattled investor confidence in the sector, Anthropic’s latest release, a preview of a model called Mythos is spooking investors. “Mythos’ significant improvement in software engineering-related tasks is a departure from the trend of incremental improvements between consecutive frontier models,” Kotak Institutional Equities said in a note. “These developments could have implications for IT services firms.”
Additionally, Trump is notorious for his decision flip flops and the peace talks have already once failed, keeping investors on the edge and sentiment fragile.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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