The prime minister is due to meet his Singaporean counterpart Lawrence Wong on Friday for bilateral talks during a brief visit to the city-state.
Singapore is the largest supplier of refined petrol to Australia, with the prime minister seeking to ensure a deal that would continue supply as global oil markets are hit by the conflict in the Middle East and the closure of the Strait of Hormuz.
"This is an important relationship at a time where fuel security is on the agenda, right around the globe due to the conflict in the Middle East. This relationship is more important than ever," he told reporters in Singapore.
"We know that it is in both of our countries' interests to engage with each other to make sure that we are both reliable suppliers, and our word means something."
"We have each other's word and indeed we have each other's back at this time."
Singapore provides 55 per cent of Australia's refined petrol and 26 per cent of all refined fuels entering the nation.
Australia is also Singapore's second-largest supplier of LNG, responsible for nearly one-third of its total gas supply.
Earlier in the day, Mr Albanese toured an oil refinery and a liquefied natural gas terminal on Jurong Island, off Singapore's southwest coast, clad in a hard hat and different industrial safety jumpsuits during each visit.
He was surrounded by massive tanks and towers while shown around the facilities.
During one visit, he met Singapore LNG's chief executive Leon Wei Hung while gas was being extracted from a ship in the harbour.
The man-made island hosts a thousands-strong workforce and forms the heart of Singapore's petrochemical industry, including its oil and natural gas exports.
But production at the facilities has been limited as most of the oil processed there comes via the Strait of Hormuz.
"Australia and Singapore are strategically aligned. We share values and we share a relationship of trust between each other. And that is why it's so important that at difficult times in the world we can rely upon each other," Mr Albanese said.
The prime minister said the visit to Singapore, which was organised on short notice, reinforced the ties between the two countries.
Singapore is Australia's largest two-way trade partner in Southeast Asia.
In March, Mr Albanese and Mr Wong signed a joint statement reaffirming Australia and Singapore's commitments to continue trading in energy.
The statement said the countries would "support the flow of essential goods including petroleum oils, such as diesel, and liquefied natural gas".
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