Australia to release nearly 20% of fuel stockpile as Bowen insists country nowhere near' running out

"The energy minister, Chris Bowen, acknowledged fuel supplies could face further pressure but ruled out a cut to the fuel excise or rationing fuel purchasing. Bowen said he had cut fuel companies' minimum stock obligations to about 2.2bn litres of diesel and 700m litres of petrol respectively, freeing up about 500m and 300m respectively to be directed towards regional Australia."

"Bowen said petrol usage had not changed but demand for petrol and diesel had doubled across Australia. He acknowledged a prolonged US war on Iran could put more pressure on petrol suppliers but said the country was nowhere near running out of fuel. Will there be further threats to fuel suppliers, if the international circumstance continues to worsen of course, he said."

"The federal government on Thursday announced it would allow lower-quality petrol with more sulfur to be used on Australian roads but did not change the standards for diesel. The opposition's energy spokesman, Dan Tehan, called for Bowen to consider lower fuel standards for diesel. He did it for petrol, Tehan said. Should he do the same for diesel?"

Australia is releasing approximately 500 million litres of diesel and 300 million litres of petrol from its strategic reserves to address fuel supply pressures and regional shortages. Energy Minister Chris Bowen reduced fuel companies' minimum stock obligations to free up these supplies for distribution to regional areas lacking fuel access. The release contributes to an international agreement coordinated by the International Energy Agency to release 400 million barrels globally. Bowen ruled out cutting fuel excise or implementing rationing despite doubled diesel demand across Australia. The government also approved lower-quality petrol with higher sulfur content for use on Australian roads. Bowen acknowledged potential further pressure from international circumstances but stated Australia maintains adequate reserves with 80% of minimum stock obligations remaining in place.

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