Geelong Refinery Fire Hits Output

The refinery supplies roughly 50% of Victoria's fuel and 10% of the nation's total, making the disruption a significant threat to energy security.

Experts warn that Victorian fuel prices could spike by 20 cents a litre as a direct result of the incident.

The fire comes at a critical time as global supplies are already strained by the Iran war and the blockade of the Strait of Hormuz.

Prime Minister Anthony Albanese has confirmed that new emergency powers have been used to secure additional diesel cargoes to bolster reserves.