Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Middle East war

There are just two local refineries in operation in Australia: Ampol’s Lytton refinery in Brisbane, pictured, and Viva Energy’s facility in Geelong. Photograph: Darren England/AAP

Australia’s first new oil refinery in 60 years could be built in Western Australia under the Albanese government’s long-term strategy to shield the country from future global oil shocks.

The commonwealth and the WA government will fund a $4m early-stage feasibility study into construction of what would be the country’s third large-scale petrol refinery.