Geelong fire, Iran war expose Australia’s fragile fuel lifelines

April 18, 2026 — 5:00am

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This week, a massive fire broke out at Viva Energy’s Geelong refinery, one of only two refineries in this country. The refinery supplies half of Victoria’s fuel needs of petrol, diesel and jet fuel, and 10 per cent of the nation’s.

Viva Energy had increased production on fears of worldwide shortages of oil following the closure of the Strait of Hormuz by Iran. The fire has forced the refinery to cut production. At present, it is at 60 per cent of petrol production capacity, 80 per cent of diesel and 80 per cent of jet fuel.

At present, we have about 38 days of petrol in storage and 31 days for diesel. Australia, as a signatory to the International Energy Agency’s Agreement on an International Energy Program, is required to hold oil stocks equivalent to 90 days. In Australia, though, this has been a target rather than a reality for many years.

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Australia goes through 1.15 million barrels of oil a day. The Geelong refinery can process 120,000 barrels a day. The nation’s other refinery is in Brisbane. In 2003, Australia had eight refineries – one closed in that year, and from 2012, another five have closed. The emergence of........

© The Age