Australian Prime Minister Anthony Albanese has announced a 10 billion Australian dollar ($7.22bn) package to strengthen the country’s fuel security by boosting national stockpiles and creating a government-owned reserve.
The plan includes a reserve of about 1 billion litres aimed at ensuring Australia maintains at least 50 days of fuel onshore to protect against future supply disruptions.
“This is aimed at making sure Australians can have more confidence in protecting our energy sovereignty, not just during this crisis but going forward as well, protecting our nation’s energy interests,” Albanese told reporters.
He said the reserve would focus on regional shortages and supply constraints affecting essential users during emergencies.
Australia imports about 80 percent of its fuel and has faced localised shortages as oil and gas supplies remain strained by the blockade in the Strait of Hormuz.
