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Australia holds 48 days of petrol supply, highest level since stockpile rules introduced amid Iran crisis
Energy Minister Chris Bowen has announced that Australia currently holds 48 days of petrol on hand, the highest level recorded since minimum stock obligations were introduced in 2023. The government has secured 3.3 billion litres of fuel deliveries for the next four weeks and announced a new 40-million-litre diesel cargo targeting regional Queensland.
Australians can draw a measure of reassurance from the latest fuel supply figures released by Energy Minister Chris Bowen, who confirmed that the country currently holds forty-eight days of petrol reserves on hand. This represents the highest stockpile level since the government introduced minimum stock obligations for fuel companies back in 2023, and comes at a time when international energy markets remain under intense pressure from the ongoing geopolitical crisis involving Iran.
The minister noted that the current petrol holdings are twelve days higher than when Iran was first subjected to military strikes, a fact he described as remarkable given the tightness of global supply chains and the severity of the geopolitical environment surrounding oil production and distribution. Diesel reserves stand at thirty-six days, four more than at the onset of the Iran conflict, while jet fuel sits at thirty days, also slightly above the baseline.
Underpinning these reserves is a substantial pipeline of fuel already on its way to Australian shores. Bowen revealed that forty-six cargo vessels are currently on the water carrying various fuel types to the country, while contracts for 3.3 billion litres of deliveries have been locked in for the coming four weeks. That includes 1.6 billion litres of diesel, 591 million litres of petrol, 394 million litres of jet fuel and 664 million litres of crude oil.
The minister also unveiled a new fuel import arrangement specifically designed to bolster supplies in remote and regional parts of the country. Through the Export Finance Australia mechanism, the government has facilitated a cargo of forty million litres of diesel with Freedom Fuels and distributor Woodhams, a company that focuses exclusively on serving regional Australia. The cargo will arrive in Brisbane during June and be directed primarily toward regional Queensland.
In addition, Bowen confirmed the extension of a twenty per cent reduction to the minimum stock obligation that was first introduced earlier in the crisis to ensure that fuel moved out of large storage terminals in cities like Geelong and Brisbane and reached service stations in regional areas experiencing shortages. The decision to maintain this relaxation reflects the government's view that while supply chains remain solid, the international environment demands continued vigilance and flexibility in managing the nation's fuel reserves.