Potential for first Australian oil refinery in 60 years as treasurer braces for inflation from Middle East war

Commonwealth and Western Australia to fund study into construction of large-scale petrol refinery as buffer against fuel vulnerability

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Australia's first new oil refinery in 60 years could be built in Western Australia under the Albanese government's long-term strategy to shield the country from future global oil shocks.

The commonwealth and the WA government will fund a $4m early-stage feasibility study into construction of what would be the country's third large-scale petrol refinery.