Larissa Huntington

But he also flagged that the government's working on contingencies.

He said that's because the longer that the war goes on, the more significant the implications for Australia will be.

There is some good news though.

If you drive, you might have noticed that petrol prices have dropped a little bit.

The NRMA says that the wholesale price for diesel has fallen by a dollar per litre and unleaded by 70 cents over the past couple of weeks.

And they're now flowing through to prices at the Bowser.

And on top of that, our national petrol reserves have risen from 36 days to 46 days since the start of the war.

So we've got an extra 10 days in the coffers there.

So all that considered, Albanese said that a move to level three isn't on the cards right now.

Yeah, there'd been calls to tax them more in recent weeks, but he said that they already pay around $22 billion a year, and they rely pretty heavily on investors from North America and Japan.

And some say that a tax hike would spook those investors, and the PM seems to agree with that.

He says that without those investor dollars, it'd be much harder for our gas to be extracted in the first place.

So while gas company taxes aren't looking likely, new reports say that the government has been scoping around for other ways to make our supply resilient.

And they've been sounding out energy companies earlier this month about developing a third oil refinery in Australia.

We've mentioned before that our two major refineries have been working at capacity, but Viva Energy's facility was damaged by fire last week, adding to that squeeze on supplies.

That hasn't been verified by any other countries just yet, but it comes a day after Iranian guards fired on three cargo ships and seized two of them for attempting to sail the shipping lane in secret and also tampering with navigation systems.

That's what it says.

Reports say that those ships had been stuck in the strait since the start of the war and they made a break for it on the weekend when the strait was opened briefly.

And on the US end, it's also seized another Iranian tanker overnight.

Its navy continues to blockade Iranian ports in the strait.