“China, which supplies a third of Australia’s jet fuel, has according to reports already moved to restrict fuel exports, although Chris Bowen, the energy minister, late last week said Chinese jet fuel supplies were assured until late April or early May.”

“Australia relies on foreign jet fuel for about 80% of the roughly 10bn litres burned in a typical year, according to the Australian Institute of Petroleum, suggesting 4bn litres of Chinese and South Korean fuel is now under some level of doubt.”

“South Korea refines imported Middle Eastern crude oil into petroleum products for export, making it one of Asia-Pacific’s key fuel suppliers.”

“Curtailed international fuel supplies would deliver another blow to Australia’s aviation industry and travellers, with Qantas already having joined several airlines hiking prices to offset soaring costs.”

“The South Korean transport ministry is attempting to relay the request to the Ministry of Trade, Industry and Resources, which oversees fuel export policy. However, an official at the industry ministry said it had not received any such request and was not currently considering export restrictions.”

“The request comes as Korean airlines face mounting pressure from surging fuel costs and tightening supply conditions across the region. Vietnam reportedly notified carriers that jet fuel prices would double or triple at local airports. Several budget airlines have cancelled dozens of flights to popular destinations.”

“Japan has also reportedly notified airlines of possible refuelling restrictions, while the Philippines declared a national energy emergency with President Ferdinand Marcos Jr warning that grounding planes was 'a distinct possibility'.”