Geelong Refinery Fire Could Spike Victorian Fuel Prices by 20 Cents

Victorian motorists are being warned to brace for a spike in petrol prices of up to 20 cents per litre due to a huge blaze at Viva Energy's oil refinery in Geelong. The Corio facility is one of two domestic refineries that reduce Australia's heavy reliance on direct imports of ready-to-use oil products from Asia.

Experts say some petrol stations may see short-term fuel outages as refinery output slows, but national supplies should not be affected. The fire has disrupted operations at the refinery, which produces around a quarter of Victoria's fuel needs. While the impact on prices is expected to be temporary, it comes as Australians are already grappling with high inflation and cost-of-living pressures.

Oil and supply chain experts say the effects of the refinery fire should be short-lived. However, the incident highlights the vulnerability of Australia's fuel supply, which relies heavily on imports. The country has been working to bolster its domestic refining capacity, but the Geelong facility remains a critical part of the national energy infrastructure.