The Albanese Labor Government has secured approximately 100 million litres of additional diesel for Australians, with two shipments coming from Brunei and South Korea.
This is the first of the expected shipments of fuel secured under the Government's new Strategic Reserve powers.
Under these new powers, Export Finance Australia (EFA) has partnered with Viva Energy to make this purchase of more than 570,000 barrels of additional diesel possible.
EFA has also agreed to commercial terms with Ampol, Park Fuels, and IOR. These agreements are supporting them to purchase the additional fuel needed to address regional shortages and critical supply gaps.
Additional fuel can be directed to where it is needed most, including to our farmers, to our regional communities, and to the services that all Australians rely on.
The Government is only helping to acquire additional supply valuable for Australia's fuel security, where it would be cost prohibitive for private suppliers to source on commercial terms without government support.
The Albanese Government is protecting Australians from the worst of this global challenge by securing the fuel needed to keep our nation and our people moving.
Quotes attributable to the Prime Minister
"This agreement strengthens Australia's fuel security by ensuring additional cargoes are delivered to the domestic market when and where they are needed most.
"We're taking every practical measure required to shield our nation and household budgets from the worst of this global uncertainty."
Quotes attributable to Minister Farrell
"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."
"Our Strategic Reserve powers go further than fuel, they will secure the supply of strategic materials that are vital to our economy, including fertiliser and other goods impacted by the current conflict in the Middle East."
Quotes attributable to Minister Bowen
"We are working with industry to shield Australians from global uncertainty and keep our nation moving."
"These cargoes are additional to existing contracted supply, are required to remain in Australia and will be directed to the industries and regions which need them the most."
