Australia's fuel supply has been guaranteed until almost June as the prime minister flies to Singapore for high-stakes talks to shore up further stocks amid global uncertainty.
Anthony Albanese jetted out of Australia on Thursday morning ahead of a bilateral meeting with his Singaporean counterpart Lawrence Wong on Friday.
The one-on-one meeting comes after US President Donald Trump announced a two-week ceasefire with Iran, provided the regime immediately reopened the Strait of Hormuz shipping lane.
"We want to see it pursued," Mr Albanese said of the ceasefire on Thursday.
"Even if it is a permanent end of the conflict that we want to see, it doesn't mean that Strait of Hormuz is reopened and that it's back to business as usual.
"I'm looking forward to a constructive meeting with Prime Minister Lawrence Wong."
Mr Albanese's mission will involve convincing Singapore to prioritise Australia if the ceasefire fails, with trade in petrol and diesel to also feature heavily in discussions.
Singapore is the largest supplier of refined petrol to Australia, accounting for more than half the nation's intake.
Mr Albanese said strengthening ties with Singapore would be crucial as the war in the Middle East and the closure of the strait disrupted global oil supplies.
"There's been substantial damage in the Gulf and that will have consequences for a period of at least months ahead," Mr Albanese said.
Mr Albanese will also visit Singapore's Jurong Island, where the city-state has three oil refineries, on Friday.
Production at the facilities has been limited as most of the oil processed there comes via the Strait of Hormuz.
Energy Minister Chris Bowen said supply was now guaranteed “several weeks” into May.
He said Australia obtained most of its fuel from Asia, but other purchases were coming from North America and Mexico after becoming available on short notice.
"Obviously, the closer it is to Australia, the better," he told reporters on Thursday.
Singapore is Australia's largest two-way trade partner in Southeast Asia.
In March, Mr Albanese and Mr Wong signed a joint statement reaffirming Australia and Singapore's commitments to continue trading in energy.
The statement said the countries would "support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas".
Mr Albanese's trip is also expected to reinforce broader economic and security ties, with both nations seeking to maintain stable supply chains in an increasingly volatile geopolitical environment.
