00:00Australians are concerned about the fuel supply in Australia but it's also very
00:05important to be very clear that our minimum stock obligations are high and
00:10that fuel continues to arrive. But this impact on regional Australia is why
00:17we've acted during the week for example the Treasurer and I are dealing with
00:20ACCC powers and fines and also yesterday the temporary careful relaxation of our
00:27sulphur requirements to enable the additional supply of 100 million litres
00:32of petrol for two months. Today I'm announcing the government is taking
00:37further steps. Today after careful consideration we are adjusting the
00:43minimum stock obligation for diesel and fuel to enable companies to better handle
00:49and better manage their supply chain more flexibly as they try and get more fuel to
00:54regional Australia. The minimum stock obligation which was introduced by the
00:57Albanese government in 2023 for this purpose for if you like the rainy day is
01:05now necessary and so we have decided on my recommendation to reduce the minimum
01:11stock obligation for diesel from 2.7 billion litres to 2.2 billion litres and
01:19for petrol from a billion litres to 700 million litres in round terms. This will
01:25enable the fuel companies to more flexibly manage their supply chain. Now this fuel
01:31will not be released immediately indeed I will be having conversations have had
01:35conversations over the last 24 hours we'll have more with the fuel companies
01:38about ensuring that this flows to regional Australia the the minimum stock
01:43obligation will be reduced for each company in return for an undertaking from
01:49them that they will work within the constraints they have as cooperatively as
01:53they can to ensure that this extra supply flows to the regions of shortage.
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