Australia's fuel reserves boosted to strengthen resilience and supply
The Australian Government is ensuring the nation has a reliable and available stockpile of fuel to protect consumers from major disruptions to supply.
The guaranteed minimum stock levels of transport fuels will improve domestic fuel reserves. This will protect motorists, businesses and industries from future market turmoil and the crisis triggered by Russia’s invasion of Ukraine.
From 1 July 2023, the Minimum Stockholding Obligation will require Australia’s 2 refineries, and our major importers of refined fuels, to hold baseline stocks of:
- petrol; 24 days, increasing to 27 days in 2024 for importers
- diesel fuel; 20 days, increasing to 32 in 2024 for importers
- jet fuel; 24 days, increasing to 27 days in 2024 for importers.
Refiners and importers will be required to report stock levels fortnightly, then weekly from 1 July 2024.
Minister for Climate Change and Energy, Chris Bowen, said the obligation was a crucial measure to protect consumers.
‘We are providing greater energy security for Australian households and businesses impacted by global and domestic challenges to supply lines,’ the Minister said.
‘Australia’s transition to electric and hydrogen-powered vehicles will also help guard against volatility in coming years.’
The Minimum Stockholding Obligation arrangements were developed in close consultation with industry after the passage of the Fuel Security Act in June 2021.
For more information, the registered legislative instruments giving effect to the Minimum Stockholding Obligation are:
Fuel Security (Minimum Stockholding Obligation) Rules 2022
Petroleum and Other Fuels Reporting Amendment (Minimum Stockholding Obligation) Rules 2022
