Amid fears over Australia's domestic fuel supply due to the ongoing conflict in the Middle East, Prime Minister Anthony Albanese has called a national cabinet meeting set for tomorrow. This meeting comes as concerns rise regarding the potential disruptions to petrol and diesel availability, an issue exacerbated by global oil price increases triggered by the blockade of the Strait of Hormuz by Iran, a critical shipping route for oil exports. The government faces pressure to implement strategies that would stabilize fuel availability in the country.

As the situation develops, Albanese indicated that the government is preparing to announce further measures within the coming days that would aim to secure Australia's fuel supply against the backdrop of escalating global tensions and market fluctuations. A potential spike in inflation is projected if the situation worsens, with estimates suggesting inflation could peak between the mid-to-high fours depending on the duration of the conflict impacting oil shipments.

The upcoming national cabinet meeting will involve discussions with state and territory leaders, who share concerns regarding how global disruptions to fuel supplies might affect the domestic market. The emphasis remains on protecting Australian consumers from fuel price volatility and ensuring a stable and secure supply chain amid these uncertain global circumstances.