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The Guardian - AU

World

Dan Jervis-Bardy Chief political correspondent

Albanese has announced plans for a $10bn fuel and fertiliser supply package. What will this mean at the petrol pump?

Australia Petrol Chris Bowen Anthony Albanese Guardian Australia Oil United States

A 7 Eleven Mobile petrol station has signs at the bowser showing sorry they are out of 91 standard unleaded petrol. — Environmentalists have criticised the government for doubling down on petrol and diesel rather than using the international oil shock to reduce Australia’s reliance on fossil fuels. Photograph: Dean Lewins/AAP

The federal government will invest more than $10bn to shore up fuel supplies amid the Middle East conflict and attempt to shield the country from future global oil shocks.

A government-owned reserve for diesel and jet fuel will be established under a plan to increase Australia’s backup stocks to 50-day supply.

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