00:00Australians are concerned about the fuel supply in Australia, but it's also very important
00:06to be very clear that our minimum stock obligations are high and that fuel continues to arrive.
00:14But this impact on regional Australia is why we've acted during the week.
00:18For example, the Treasurer and I are dealing with ACCC powers and fines, and also yesterday
00:24the temporary, careful relaxation of our sulphur requirements to enable the additional
00:30supply of 100 million litres of petrol for two months.
00:35Today I'm announcing the Government is taking further steps.
00:39Today, after careful consideration, we are adjusting the minimum stock obligation for
00:45diesel and fuel to enable companies to better handle and better manage their supply chain
00:51more flexibly as they try and get more fuel to regional Australia.
00:55The minimum stock obligation which was introduced by the Albanese Government in 2023 for this
01:01purpose, for, if you like, the rainy day, is now necessary.
01:06And so we have decided on my recommendation to reduce the minimum stock obligation for diesel
01:13from 2.7 billion litres to 2.2 billion litres and for petrol from a billion litres to 700 million
01:22litres in round terms.
01:24This will enable the fuel companies to more flexibly manage their supply chain.
01:30Now, this fuel will not be released immediately.
01:32Indeed, I will be having conversations, have had conversations over the last 24 hours, we'll have more with the fuel
01:38companies
01:38about ensuring that this flows to regional Australia, the minimum stock obligation will be reduced
01:45for each company in return for an undertaking from them, that they will work within the constraints
01:51they have as cooperatively as they can to ensure that this extra supply flows to the regions of shortage.
02:10You
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