The Turnbull Government has announced a review into Australia’s fuel reserves amid fears the country has just days of emergency stocks remaining.
Federal Energy Minister Josh Frydenberg announced a review of liquid fuel security on Monday.
“The assessment is the prudent and proper thing to do to make sure we aren’t complacent,” he said.
But he argued it should not be construed as Australia having a fuel security problem.
Prime Minister Malcolm Turnbull described the review as “good housekeeping”.
But Fairfax Media reports the country has only a 22-day supply of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel.
The International Energy Agency expects countries to keep a 90-day supply but Australia has just under 50 days.
“The assessment will also help inform Australia’s plan to return to compliance with the International Energy Agency’s emergency stockholding obligations by 2026,” Mr Frydenberg said.
“Australia’s liquid fuel supply increasingly depends on overseas sources and relies on market forces to maintain reliability and affordability.”