Australian minister says fuel reserves up, more shipments on the way
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Minister for Climate Change and Energy Chris Bowen speaks as Australia's Prime Minister Anthony Albanese watches on.
PHOTO: AFP
SYDNEY - Australia’s fuel reserves rose in the past week and more is on the way, Energy Minister Chris Bowen said, easing concern of shortages in the import-reliant country.
The country has 46 days of petrol on hand, Mr Bowen told a media conference in Sydney on April 18, eight days more than last week’s update.
There are 31 days of diesel – used by the agriculture and mining industries – and 30 days of jet fuel in reserve, he said. A further 61 ships carrying fuel are on their way to Australia, Mr Bowen said.
The increase in reserves is welcome news after a fire at one of the country’s two refineries earlier in the week raised concern about supplies that have already been constrained by the war in Iran.
Mr Bowen said Viva Energy Group would be working around the weekend at its Geelong refinery to restore production to usual levels.
Separately, Prime Minister Anthony Albanese said Iran’s agreement to reopen the Strait of Hormuz was an “important” development.
“We want to see this fragile arrangement confirmed,” he said at the media conference. “Freedom of navigation is essential for global trade.” BLOOMBERG
