The big oil companies could find themselves under pressure from independents, with the Federal Government examining ways to help competitors import more fuel.
Federal Energy Minister Martin Ferguson said the recent gas explosion in Western Australia had reinforced the need for the Government to look broadly at Australia's import capacity as part of an important energy security assessment later this year.
Speaking from Jeddah, in Saudi Arabia, where he is attending international talks on the soaring price of oil, Mr Ferguson said the Government would look at ways to make it easier for independents to bring in more fuel.
"This is a real issue back at home," Mr Ferguson said yesterday.
"The recent disruption in WA reinforces the fact that we need to have a hard look at it."
But motorists tired of constant petrol price rises should not expect quick relief.
Any move to open additional storage facilities in the capital cities — the main option being examined by Canberra — would take some time to achieve, because it would have to face stringent environmental approvals.
Mr Ferguson played down the idea that the major oil companies should refine more petrol domestically to boost supply, arguing it was generally more economical to refine in Asia.
And ahead of the final week of Parliament before the winter recess, the Opposition kept the pressure on the Government over bowser prices.
Nationals leader Warren Truss said he would like to see excise cut by 10 to 20 cents, but only if it was affordable.
Opposition Leader Brendan Nelson has backed a five-cents-a-litre cut to excise, but one of his Victorian backbenchers, Chris Pearce, said last week it should be a 10-cent cut.
In talks in Saudi Arabia last night, Mr Ferguson outlined a five-point plan to help ease world crude oil prices, which have spiked dramatically in recent months, forcing bowser prices in Australian capitals to top $1.60 a litre.
The RACV was yesterday tipping petrol to reach $1.75 a litre in Melbourne by next week.
Australia has called for foreign investment restrictions to be eased, for OPEC countries to invest more in technology to boost oil production, and for developing countries to end fuel subsidies.
And amid claims that high world oil prices are being driven, at least in part, by market speculation, Mr Ferguson called for greater market transparency.
He said the world also urgently needed more diesel, kerosene and jet fuel.
He said the current situation of record oil prices was largely a straightforward issue of demand outstripping supply. "This cannot be resolved overnight," he said.
He said some countries at the summit had raised problems associated with market speculation, but in his opinion this was "not the main game".
He said the Saudi Arabian summit was the start of new global efforts to tackle the oil crisis.
Mr Ferguson told the summit last night: "The success of peaceful globalisation in the 21st century depends on the free flow of resources and energy, capital, skills and labour, and open engagement within the community of nations."
This meeting was the start of an "ongoing dialogue", and Australia would work within that process.
Deputy Opposition Leader Julie Bishop attacked the Government's efforts in Jeddah, and said it was unlikely to yield any breakthrough.
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