Australia commits $7 billion to boost fuel stockpiles, create government reserve
The package will lift onshore fuel holdings to 50 days and fund a permanent reserve, as Australia responds to supply shocks and shortages.
- On Wednesday, Prime Minister Anthony Albanese announced a $10 billion fuel security package establishing a government-owned, 1 billion-litre reserve to boost diesel and aviation fuel supplies to at least 50 days.
- Supply shocks triggered by the Middle East conflict caused panic buying and localized outages at hundreds of service stations across Australia in early March, prompting the intervention.
- Funding allocates $3.2 billion for the national reserve and $7.5 billion for a fuel and fertiliser security facility, while increasing the Minimum Stockholding Obligation by 10 days for essential fuels.
- Opposition Leader Angus Taylor dismissed the plan as "too little, too late," arguing the government should have adopted the Coalition's proposed 60-day mandatory stockholding obligation.
- Energy Minister Chris Bowen noted the policy aligns with International Energy Agency norms; the government committed $10 million to feasibility studies for new refining capabilities beyond 2030.
52 Articles
52 Articles
National Cabinet's fuel security plan explained
The government has announced a $10 billion package to help secure the country’s fuel reserves will be included in next week’s federal budget. The measures were announced by Prime Minister Anthony Albanese following a National Cabinet meeting with state and territory leaders.
The Epoch Times
anr.newsWhat’s Involved in Albanese’s $10 Billion Fuel Security Plan?
Prime Minister Anthony Albanese has unveiled a $10 billion (US$7.2 billion) fuel security package to shore up domestic fuel security. The government is due to deliver its first budget since re-election last year on May 12, 2026. “The federal budget next week will include an Australian fuel security and resilience package,” Albanese told reporters in Sydney. “This is aimed at making sure that Australians can have more confidence in protecting our…
This stockpile will ensure long-term supplies of diesel and kerosene, according to Albanese.
Australia unveils 10.7 billion dollar fuel security plan with national reserve push
Prime Minister Anthony Albanese has announced a major fuel security package worth 10.7 billion dollars as Australia faces ongoing concerns over supply disruptions. The plan includes creating a government owned fuel reserve of about one billion litres and increasing minimum stockholding requirements. Australia’s refining capacity has declined sharply over the years, leaving the country more […] The post Australia unveils 10.7 billion dollar fuel …
Australia Unveils $7.2 Billion Fuel Security Plan Push After Iran War Supply Shock
(Bloomberg) — Australia will include an A$10 billion ($7.2 billion) package for fuel and fertilizer security in next week’s budget proposal after the Iran war caused a run on supplies in the Pacific nation.
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