Despite the devastating fire at the Viva Energy refinery in Geelong late last night which caused several explosions, fuel prices continued to decline this week, putting into question the security of the nation’s fuel.
This fire erupted at the Corio plant last night after midnight, triggered by a leak of gas and some equipment malfunction, leading to a massive explosion in the plant and emitting smoke into the air.
About 50 firemen worked together to contain the flames with cameras installed far away from the fire and gallons of water. Everyone inside the plant was evacuated without any casualties.
Viva Energy refinery happens to be one of the two plants left standing in the country, producing almost half of the fuel consumed in Victoria and about 10% of the entire nation’s consumption.
A 50% cut in fuel taxes that started on April 1st has made the price of petrol and diesel 26.3 cents per liter lower.
This has affected most gas stations in major cities and regions. On April 8, the US and Iran announced a ceasefire, which helped push the price of Brent crude down by as much as 17%, lowering wholesale costs.
Bloomberg says that before the fire at the refinery, Australian gas prices had already dropped more than 10% from their all time highs at the end of March.
However, the Geelong fire now seems poised to reverse part of that gains, albeit the effects would be contingent upon the speed of the repairs and the possibility that imports could compensate.
Ceasefire diplomacy heats up
Meanwhile, around the world, the focus has shifted towards another diplomatic arena, as US President Donald Trump declared a ceasefire between Israel and Lebanon lasting ten days, calling the period historic.
Trump stated that he had spoken to the presidents of both nations, Aoun of Lebanon and Netanyahu of Israel, and had invited them to Washington for what he called the first meaningful meeting of the two states since 1983.
According to Netanyahu, this provides Israel with the chance to secure a landmark peace deal with Lebanon, while Iran’s Foreign Ministry congratulated the ceasefire.
This move is regarded as a part of the US’s greater diplomacy to reach a comprehensive peace agreement with Iran, where Iranian negotiators have insisted on a stoppage of conflict in Lebanon before proceeding with further discussions.
Antonio Guterres, the UN Secretary General, also welcomed the news.
His spokesman, Stephane Dujarric, told everyone to follow the ceasefire and international humanitarian law.
War News: US Navy blockade of Iranian ports holds firm, Pentagon says
The podcaster and supporter of Trump, Joe Rogan, has made a clear statement about the whole conflict in his newest podcast.
Discussing the matter with comedian David Cross, Rogan said that he found the ongoing war in Iran frightening and doubted that there ever was some strategy involved in it.
The podcaster added that one of the reasons people decided to vote for Trump back then was the idea of no more wars, yet currently, supporters find themselves betrayed.
What remains to be seen is whether the ongoing ceasefire in Lebanon can help change their minds for better.
