Following Iran's announcement to reopen the Strait of Hormuz, global oil prices fell by approximately 10%, leading to expectations of lower petrol prices in Australia within a week. Prime Minister Anthony Albanese highlighted the significance of freedom of navigation for global trade and confirmed that Australia is prepared to assist in maintaining this arrangement. Energy Minister Chris Bowen reported that Australia has 46 days' worth of petrol reserves, which is an increase of 10 days since the recent fuel crisis began. Since April 1, petrol prices have already decreased by about 50 cents per litre on average, aided by government measures that halved the fuel excise and paused GST revenue on fuels, resulting in a total saving of about 32 cents per litre for consumers. Despite concerns over a fire at the Viva refinery in Geelong, Bowen assured that production levels remain stable, and the impact on retail prices would be minimal. The Australian Competition and Consumer Commission noted a 41.6-cent drop in average retail petrol prices since March 31, indicating a steady decline that may continue if global trends persist.