Expert warns of Australia's fuel security risk despite minister's reassurance

Summarised from 2 outlets · Updated 24 Oct, 04:02 · Archive

An industry expert has warned that Australia's official fuel reserve figures may overstate immediately available supplies.

Australia's fuel security has come under renewed scrutiny after an industry expert warned official reserve figures may overstate the amount of fuel immediately available for use. Diesel import prices remain more than double their levels at the start of the year, with Argus Media pricing data showing the assessed price of diesel delivered to Australia's east coast climbing from US$83.27 per barrel on 2 January to US$191.64 per barrel on 21 October, an increase of about 130 per cent.

Energy Minister Chris Bowen reported Australia held 28 days of jet fuel, 33 days of diesel and 41 days of petrol as at 17 October. He said 48 ships were on their way to Australia carrying fuel, with 3.2 billion litres secured for delivery over the following four weeks, and maintained Australia's fuel security remained solid despite international uncertainty.

Argus Media senior reporter Tom Woodlock said Australians had reason to be concerned about the country's reliance on imported fuel, though an immediate jet fuel shortage was unlikely. He said official stockholding data provided a useful indication of total fuel held by industry, but did not always equate to fuel immediately available for consumption. Australia remains heavily reliant on imported refined fuels and typically holds lower inventories than many other OECD countries.

How it is being reported

• Expert warns national fuel security at risk despite Chris Bowen defending reserve levelsThe country’s fuel security is under renewed scrutiny after an industry expert warned “Australians should be concerned”.The West Australian · 24 Oct, 03:38
• Expert warns national fuel security at risk despite Chris Bowen defending reserve levelsThe country’s fuel security is under renewed scrutiny after an industry expert warned ‘Australians should be concerned’.Perth Now · 24 Oct, 03:38

In this story: Chris Bowen · Tom Woodlock · Argus Media · Australia · OECD

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