The Australian Federal government will spend A$10 billion on national fuel stockpiles, as well as setting up a fuel reserve.
Prime Minister Anthony Albanese made the announcement today and confirmed that the fuel reserve would be a permanent, government-owned operation.
According to a statement, “This will support an overall expansion of Australia’s onshore fuel reserves to ensure at least 50 days of fuel supply and storage of diesel and aviation fuel”, following nationwide shortages due to the ongoing war in Iran.
The move comes ahead of the federal budget announcement next week.
“This is aimed at making sure Australians can have more confidence in protecting our energy sovereignty not just during this crisis but going forward as well, protecting our nation's energy interests," Albanese was quoted as saying in this Reuters story.
"Our fuel security reserve will focus on regional stockouts and supply constraints for essential users in the event of another supply crisis," Albanese said.
