Australia extends domestic fuel reserve amid energy crisis

Australia has extended a measure allowing the release of petrol and diesel from domestic fuel reserves, Energy Minister Chris Bowen has said, as the country continues to manage pressure on energy supplies linked to the Iran war, News.Az reports, citing Al Jazeera.

“I’ve reached a judgement that it’s best to provide that ongoing flexibility,” Bowen said, referring to the continued use of the reserves through to September.

As of Saturday, Bowen stated that Australia holds 48 days of petrol, 36 days of diesel, and 30 days of jet fuel in reserve. He noted that this is the highest level recorded since the United States and Israel launched their war on Iran in late February.

He described the reserves as “remarkable in the face of very tight international supply chains,” highlighting the resilience of current stock levels despite global market pressures.

The use of domestic fuel reserves was first introduced in March as a response to potential fuel shortages, particularly in regional areas, and had originally been scheduled to expire in July before the extension was announced.

News.Az 

By Nijat Babayev