Australia to Stockpile 1 Billion Liters of Fuel

Darwin, 06 May: Australia has announced plans to build a massive national fuel reserve of 1 billion liters to মোকাবিলা the global energy crisis triggered by the ongoing conflict in the Middle East. The announcement was made on Wednesday by Prime Minister Anthony Albanese.

According to a report by Agence France-Presse, Albanese said the government-owned reserve will primarily ensure long-term supplies of diesel and aviation fuel.

“Our main goal is to protect Australia from the negative impacts of the current crisis,” he told reporters.

Further details of the plan are expected to be outlined in Australia’s annual budget next week.

Energy Minister Chris Bowen noted that although Australia is one of the few member countries of the International Energy Agency, it has not had its own national fuel reserve until now.

“We are preparing to withstand potential future shocks. We know the current international situation is becoming increasingly unstable,” he said.

Australia currently has only two oil refineries, making it highly vulnerable to disruptions in global fuel supply. Like many countries in Asia and the South Pacific, Australia relies heavily on the Strait of Hormuz for oil imports. About one-fifth of the world’s oil and gas used to pass through this route.

It is worth noting that since February 28, following attacks by the United States and Israel toward Iran, ship movement through this crucial waterway has nearly come to a halt.