00:02The pain at the pump is continuing.
00:04Prices could soar even higher if the war doesn't end and the strata humors stays closed.
00:10And even if it opened today, there's a big backlog of ships.
00:14Fifty-seven fuel tankers are on their way to Australia.
00:18Petrol reserves are down slightly to 38 days worth and jet fuel is lower as well,
00:24while diesel is back up to a month's supply.
00:27Economists say that demand for diesel is inelastic.
00:31Farmers and truckies and tradies simply can't cut back.
00:35Although some, like Will Moll, are buying second-hand runabout unleaded cars.
00:41I own a diesel ute, it's about over a dollar a litre of deer other than petrol.
00:45Diesel's just gone through the roof.
00:46Unleaded fuel has dropped substantially since the government's fuel excise tax cut,
00:52while diesel, after a small dip, is now back to what it was before.
00:57The type of crude oil which is very specific to diesel production, that's what the problem is.
01:02It's a very concerning moment, not just for Australia but globally.
01:06Lurian DeMello thinks that the federal government got its tax excise cuts wrong.
01:10Petrol is not the pain point, diesel is the pain point.
01:14The real risk we need to manage now is not higher prices.
01:17The risk we need to manage is that we are unable to get fuel at any price.
01:22That is a much, much, much worse scenario.
01:25The federal government is defending its policies as the Prime Minister flies home.
01:30He played an absolute blinder yesterday in Singapore, which is a very big supplier of fuel to Australia.
01:37Refineries are running on crude that was delivered before the war.
01:41That is why energy analysts say that the real oil shock is looming at the end of April and early
01:47May.
01:48Inflation is set to soar and consumer confidence is diving.
01:52This country cafe is already down $500 a day and cutting staff hours as the town spends its money on
02:01fuel.
02:02The whole talk is just fuel, fuel, the price of fuel.
02:05Soon the town talk could turn to a recession.
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