Australia has secured about 100 million litres of diesel to shore up fuel supply and ease pressure on households and key industries amid ongoing global uncertainty.
The shipments, from Brunei and South Korea, are the first secured under the government’s new Strategic Reserve powers aimed at strengthening fuel security.
The diesel — more than 570,000 barrels — was purchased through Export Finance Australia in partnership with Viva Energy, with further agreements in place with Ampol, Park Fuels and IOR to address regional shortages.
The government said the additional supply would be directed to where it is needed most, including regional communities, farmers and essential services.
Prime Minister Anthony Albanese said the move was part of efforts to protect Australians from global disruption.
“This agreement strengthens Australia’s fuel security by ensuring additional cargoes are delivered to the domestic market when and where they are needed most,” he said.
“We’re taking every practical measure required to shield our nation and household budgets from the worst of this global uncertainty.”
Trade Minister Don Farrell said the government was responding to ongoing impacts of conflict in the Middle East.
“We know that the impacts of this conflict will be with us for some time, and we are taking every possible step to secure what Australians need to keep our country moving,” he said.
Energy Minister Chris Bowen said the fuel would remain in Australia and support critical sectors.
“These cargoes are additional to existing contracted supply… and will be directed to the industries and regions which need them the most,” he said.
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