On March 14, the Australian government announced it would release approximately six days' worth of petrol and five days' worth of diesel from its emergency fuel reserves, marking the first time the reserves have been used since Russia's invasion of Ukraine in 2022.
Australian Energy Minister Chris Bowen stated that this move aims to provide fuel suppliers with greater allocation flexibility amid the Middle East conflict. Currently, Australia maintains approximately 36 days' worth of petrol, 29 days' worth of jet fuel, and 32 days' worth of diesel inventory.
This action is also part of a joint plan by the International Energy Agency (IEA)'s 32 member countries to release 400 million barrels of oil reserves, aimed at stabilizing global oil prices and ensuring supply. At the same time, the Australian government has temporarily relaxed fuel quality standards, expecting to increase petrol supply by approximately 100 million liters per month over the next two months.
Due to the situation in the Middle East and the disruption of shipping in the Strait of Hormuz, international oil prices have risen rapidly recently, and some parts of Australia have experienced fuel supply shortages.
