March 13, New Delhi – On Friday, Australia announced that it would release petrol and diesel from its domestic reserves to help mitigate fuel supply disruptions caused by the Iran war and ease shortages in several regional areas.
This marks the first time Australia has tapped its fuel reserves since 2022, amid the ongoing conflict in West Asia.
Energy Minister Chris Bowen said that the move, allowing the release of up to 20% of the baseline minimum stockholding obligation, is equivalent to around 762 million litres of petrol and diesel.
Bowen clarified that the fuel would not reach the market immediately due to the complexities of supply chains, but it would provide fuel retailers with flexibility to manage supply.
The release is part of Australia's contribution to the International Energy Agency's (IEA) coordinated plan to release 400 million barrels of oil globally to ease supply concerns.
Currently, Australia holds 36 days' worth of petrol supply, 29 days of jet fuel, and 32 days of diesel.