Australia says it will release petrol and diesel from its domestic reserves to help counter disruptions to the fuel supply chain from the Iran war and ease shortages in many regional parts of the country.
Energy Minister Chris Bowen says the move to allow the release of up to 20 per cent of the baseline minimum stockholding obligation is equivalent to up to 762 million litres of petrol and diesel.
A statement from Bowen’s office said it would take time for the fuels to move through Australia’s long and complex supply chain from where they are stored in regional areas to where it is needed.
