Geelong Refinery Fire Hits Supplies

The 'unprecedented' fire at one of Australia's two remaining refineries broke out in Geelong, sending flames 60 meters into the air and triggering smoke warnings for local residents.

The facility supplies half of Victoria's fuel and 10 percent of the nation's total, making the disruption particularly severe for regional economies.

While authorities believe the fire was an accident, it comes at a critical moment as the Strait of Hormuz closure has already doubled import costs.

Experts predict Victorian fuel prices could spike by 20 cents a liter as a direct result of the production slowdown.