Opposition Pledges to Double Fuel Reserves to 60 Days

The federal opposition is pledging to double Australia’s minimum fuel reserves to 60 days and deliver 1 billion litres of new storage amid ongoing scrutiny of Australia’s fuel supply chain.

“We are putting forward a practical plan to make sure that never happens. More fuel in reserve, more storage on the ground, and a country that can stand on its own two feet,” said Leader of the Opposition Angus Taylor in a release to The Epoch Times.

Under the Liberal Party proposal, fuel stock levels would be reset on Jan. 1, 2027 and raised by 25 percent at a cost of AU$800 million (US$574 million).

The Coalition said if work starts now, 60 days of fuel security could be achieved by 2030, up from the current amount of 49 days, but still below the International Energy Agency benchmark of 90 days.

Fuel companies would be legally required to hold more fuel.

Currently companies are obligated to store 27 days worth of petrol and jet fuel, and 32 days of diesel as emergency stocks.

“People in the regions know how serious this is. If the diesel doesn’t turn up, the farm doesn’t run and the shelves go empty,” Nationals leader Matt Canavan said.

“This plan is just common sense. Keep more fuel here in Australia so we are not relying on overseas supply lines that can be cut overnight.”

If elected, the Coalition also pledged to change environmental approval laws in future so major oil and gas projects are approved faster.

Albanese Says He’s Yet to See the Plan

In response, Prime Minister Anthony Albanese claimed he had yet to see it.

“You’ve got to admire the irony of Angus Taylor, who was the minister in a government where four out of six of our refineries shut and who thought the fuel reserves should be kept in Texas,” Albanese said, referencing the Morrison government’s decision to 1.7 million barrels of crude oil from the U.S. Strategic Petroleum Reserve at a cost of $94 million (US$67.4 million).

Australia currently imports more than 80 to 90 percent of its refined fuels with only two local refineries remaining.

When asked if the federal budget would include fuel security measures, Albanese did not provide details.

“Our federal budget will be on 12 May. I encourage you to attend,” he told reporters.

The government has already halved the fuel excise and announced it would release up to 20 percent of baseline reserves.

This enables the release of up to 762 million litres of petrol and diesel from Australia’s domestic reserves.