Australia prepares for oil prices above US$120 a barrel as diesel passes $3 a litre nationwide

Fuel stocks at same level as when US and Israel launched their war on Iran a month ago, energy minister says

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The federal government is preparing for scenarios where global oil prices spike above US$120 a barrel, as diesel prices nationwide go past $3 a litre and the prime minister, Anthony Albanese, plans another national cabinet meeting to plan petrol supply.

The treasurer, Jim Chalmers, said one option under consideration was expanding ethanol mandates across the country, after Guardian Australia revealed the government was analysing increasing the biofuel’s supply.