(Reuters) – Australia on Saturday extended a measure that releases petrol and diesel from domestic reserves, Energy Minister Chris Bowen said, as the country continues to grapple with the impact of the Iran war on energy supplies.
The measure – a 20% temporary reduction to fuel companies’ minimum stockholding obligations, freeing up to 762 million litres of petrol and diesel – has been extended until September.
It was first introduced in March to help counter fuel shortages, particularly in regional areas, and was due to expire in July.
“I’ve reached a judgement that it’s best to provide that ongoing flexibility,” Bowen said in televised remarks.
As of Saturday, Australia had 48 days of petrol, 36 days of diesel, and 30 days of jet fuel in reserve, the highest level since the conflict in Iran broke out in February, he said, describing the reserves as “remarkable in the face of very tight international supply chains.”
(Reporting by Sam McKeith in Sydney; Editing by Edwina Gibbs)
