Australia prepares for oil prices above US$120 a barrel as diesel passes $3 a litre nationwide

Fuel stocks at same level as when US and Israel launched their war on Iran a month ago, energy minister says Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast The federal government is preparing for scenarios where global oil prices spike above US$120 a barrel, as diesel prices nationwide go past $3 a litre and the prime minister, Anthony Albanese, plans another national cabinet meeting to plan petrol supply. The treasurer, Jim Ch