The Morrison Government is boosting the nation’s long-term fuel security by taking advantage of dramatic falls in global oil prices and building on our historic agreement with the United States to access their Strategic Petroleum Reserve (SPR).
Australia will invest $94 million to purchase oil at current low prices. Under the new measures, we will establish its first Government-owned oil reserves for domestic fuel security.
The Government is taking action to improve Australia’s fuel security and enhance our ability to withstand global shocks, such as the COVID-19 pandemic.
Global oil prices have hit new lows due mainly to a significant drop in demand caused by COVID-19 and we are taking advantage of these reductions.
We are also working with the private sector to consider options for improving domestic fuel security and with refineries on temporary measures to ease the stockpiles of jet fuel by amending fuel standards.
Australians can be assured there is plenty of fuel in the country and we are extremely well placed to keep supplies flowing through the COVID-19 pandemic.