Australia to spend A$3.2b on one billion-litre fuel reserve after global supply shocks push up prices
CANBERRA, Aug 18 — The Australian government on Tuesday said it will establish a strategic reserve of 1 billion li...
The Australian government announced plans to establish a strategic fuel reserve of 1 billion litres of diesel and jet fuel, totaling A$3.2 billion in investment, to safeguard against future supply shocks and market volatility. This move comes in response to global oil supply disruptions caused by the conflict in West Asia, which has led to record-high fuel prices in Australia.
The Australian Fuel Security Reserve will be funded by the A$14.8 billion allocated for fuel security and resilience measures in the federal budget for 2026-27. Minister for Climate Change and Energy Chris Bowen, Transport Minister Catherine King, and Agriculture Minister Julie Collins emphasized the importance of strengthening fuel security and reducing reliance on imported fuels.
They also opened consultation periods for plans to grow Australia's domestic low-carbon liquid fuels industry, aiming to create jobs, boost regional economies, enhance fuel security, and ensure the future of transport industries beyond the year 2030.
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