- A fire at Viva Energy's Corio oil refinery in Geelong, Australia, burned for 13 hours overnight on Wednesday, significantly impacting petrol production.
- The blaze, which started just after 11pm and was extinguished on Thursday morning, occurred in the motor gasoline section and was attributed to equipment failure, with no injuries reported.
- The refinery is crucial to Australia's fuel supply, providing half of Victoria's fuel and 10 per cent of the nation's total, processing approximately 120,000 barrels of oil daily.
- While diesel and jet fuel production continue at reduced levels, petrol output is significantly impacted, raising concerns about Australia's already strained fuel security.
- Experts warn the incident, coupled with existing supply chain issues, could lead to higher interest rates and inflation, highlighting Australia's vulnerability due to reduced domestic refining capacity.
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