G7 fuel release won't really help us, minister says

The Group of Seven (G7) has released 100 million barrels of diesel and crude oil to address global supply concerns, but it may not significantly benefit Australia, according to Energy Minister Chris Bowen. The agreement, along with a pledge not to impose export restrictions, is unlikely to impact the country's fuel prices. Bowen stated that Australia has reduced its minimum stock obligation requirements by 20 per cent, providing flexibility for domestic needs.

Despite the international release, Bowen declined to estimate the potential effect on Australian bowser prices. Australia currently has 41 days of petrol, 32 days of diesel, and 28 days of jet fuel in reserve, with additional shipments and contracts in the pipeline.