In a bid to safeguard the nation from international supply disruptions, Australian Prime Minister Anthony Albanese has introduced a 10 billion Australian dollar ($7.22bn) programme to enhance national fuel stocks and develop a government-controlled reserve.
The proposed reserve will hold about 1 billion litres (264 million gallons) of fuel, ensuring that the country maintains a minimum 50-day onshore supply to withstand potential future shocks, reports Al Jazeera.
Speaking at a press conference, Albanese emphasised that the initiative is intended to bolster energy sovereignty and secure the nation’s long-term energy interests.
He highlighted that the move would give Australians greater certainty, particularly during periods of global instability.
The prime minister further detailed that this strategic reserve is designed to manage regional shortages and support essential services should another supply crisis arise.
Currently, Australia is reliant on imports for around 80 percent of its fuel requirements. The country has recently grappled with domestic shortages as global energy supplies remain restricted due to the ongoing blockade in the Strait of Hormuz.
