Overview
- The Coalition, which unveiled its plan on Monday, proposed lifting the Minimum Stockholding Obligation to 60 days and funding at least one billion litres of new onshore storage.
- The rule, called the Minimum Stockholding Obligation, requires fuel importers to keep a set number of days of petrol, diesel and jet fuel available in Australia.
- Opposition Leader Angus Taylor set a phase-in from January 1, 2027 with a 2030 target and said the change would add about one cent per litre at the pump, with funding channelled through Export Finance Australia.
- The government says reserves now sit at about 44 days of petrol, 33 days of diesel and 30 days of jet fuel, and it is preparing its own measures for the May 12 federal budget.
- Australia is pursuing two tracks, with Penny Wong seeking fuel supply agreements in Japan, China and South Korea as officials note that reaching the IEA’s 90-day stock level would cost about $20 billion over four years.