Prime Minister Anthony Albanese has warned more must be done to ease fuel shortages hitting regional Australia before national cabinet meets today.

Albanese stopped short of confirming any cut to the fuel excise after prices jumped in the wake of the war in Iran.

He said measures including releasing fuel stockpiles, lowering quality standards and boosting the consumer watchdog’s authority showed action was being taken by the government, but said there was ‘more to do’.

‘We’ve boosted fuel supply by releasing 20 per cent of the stockpile, essentially for petrol and diesel. And we’re also acting to get more fuel into the Australian market by amending temporarily the fuel standards. So that has led to an increased supply as well,’ he told ABC Radio.

‘So we know there’s more to do. And one of the things that I’m doing is bringing together states and territories today to make sure that we take up every practical option there is to shield Australian households from the impact, which is a global effect.’

Despite the Reserve Bank raising rates for the second month running, Mr Albanese brushed aside recession concerns.

He said Australia was economically well-positioned to handle the turbulence caused by the Iran war.

‘I think the whole world didn’t see the war escalating as it has in the last few weeks. But we go into it very strong. The last national accounts saw growth the highest they’ve been in three years,’ he said.