Feds secure extra diesel as reserves rise above pre-war levels
Another 100 million litres of diesel have been secured by the federal government and private industry, with the Federal Trade Minister making an announcement in Adelaide today.
Federal Trade Minister Don Farrell today announced in Adelaide that the Federal Government had secured another 100 million litres of diesel in partnership with private industry in order to shore up reserves amid the ongoing war in Iran.
It brings the amount of diesel secured over the past seven days by the government in partnership with Ampol, BP Australia and Viva Energy to 400 million litres – reserves now better stocked than they were before the Iran war.
Approximately 50 million litres of diesel is now heading to Queensland communities including Townsville, Gladstone and Mackay, Farrell said today.
“Through these early actions and the additional fuel have now been secured as a direct result of the Albanese government’s new Strategic Reserve powers, getting more fuel where it is needed across Australia,” Farrell said.
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The latest shipment of diesel were expected to help shore up Australian fuel reserves in the face of conflict in the Middle East.
The nation now has 10 more days in its stocks than when the war started.
Prime Minister Anthony Albanese held a meeting of national cabinet on Thursday, his third since the start of the Iran war that effectively closed the Strait of Hormuz and sent global oil prices skyrocketing.
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Australia now has 46 days of petrol in its stocks, 10 days more than when the US and Israel started launching strikes on Iran, according to Albanese.
“The reality remains, of course, that the strait is still closed and has been closed now for two months, we’re in deeply tumultuous and turbulent global times,” he told reporters in Sydney.
Following National Cabinet, Premier Peter Malinauskas said South Australia’s fuel position reflected others states around the nation and that “for the foreseeable future, fuel supplies are intact”.
“In fact, when it comes to regular petrol, unleaded petrol, we see 10 days more fuel supply in the country today than what was the case when the Iran war commenced, and largely the same number of days of fuel available when it comes to both jet fuel and diesel,” he said.
He warned that ongoing vigilance was required as vessels carrying fuel products or crude through the Strait of Hormuz continued to face closures, meaning “that in the medium term, there still remains a very real possibility that there are shortages in the future”
The state government was also prepared to deal with a staged response to further fuel shortages right up to “stage four” that could mean fuel restrictions.
– With AAP
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