Canberra: The government of Australia has decided to release part of its emergency fuel reserves to help manage supply pressures caused by the ongoing conflict in the Middle East. Under the measure, authorities will allow six days' worth of petrol
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Canberra: The government of Australia has decided to release part of its emergency fuel reserves to help manage supply pressures caused by the ongoing conflict in the Middle East.
Under the measure, authorities will allow six days’ worth of petrol and five days’ worth of diesel from the national emergency stockpile to be made available to the market.
According to Chris Bowen, Australia’s Minister for Climate Change and Energy, the move follows a rise in fuel demand in regional areas and is intended to give fuel companies greater flexibility in managing supply chains.
As part of the adjustment, the minimum diesel reserve requirement will be lowered from 2.7 billion litres to 2.2 billion litres, while petrol reserves will be reduced from 1 billion litres to 700 million litres.
Bowen said that despite the changes, fuel shipments continue to arrive in the country, helping maintain overall supply levels.
The decision comes after the government recently temporarily eased fuel standards as a response to rising global oil prices linked to tensions in the Middle East.
