Angus Taylor has pledged the Coalition will double the nation\u2019s fuel reserves if elected as the Albanese Government prepares to announce big storage moves in the May budget.<\/p>\n
News.com.au understands that the Treasurer Jim Chalmers is set to announce a range of measures to improve Australia\u2019s resilience to fuel shocks.<\/p>\n
The Coalition will announce its plan to strengthen Australia\u2019s fuel security on Tuesday.<\/p>\n
The plan includes a proposal to more than double fuel reserves by increasing the Minimum Stockholding Obligation (MSO) to 60 days.<\/p>\n
Mr Taylor will also float a plan to establish an $800 million Australian Fuel Security Facility to deliver at least 1 billion litres of new onshore storage.<\/p>\n
The Coalition is calling on the Government to lift baseline stockholding levels from 1 January 2027 in order to increase minimum levels for critical fuels in aggregate by nearly 25 per cent.<\/p>\n
\u201cThis is a plan the Prime Minister should pick up today. No excuses, no delays,\u201d Mr Taylor said.<\/p>\n
\u201cIf fuel stops, Australia stops. It\u2019s that simple. Trucks don\u2019t move, supermarkets don\u2019t stock, businesses shut their doors.<\/p>\n
\u201cWe are putting forward a practical plan to make sure that never happens. More fuel in reserve, more storage on the ground, and a country that can stand on its own two feet.\u201d<\/p>\n
Nationals leader Matt Canavan warned Australia could no longer hope for the best on energy security.<\/p>\n
\u201cPeople in the regions know how serious this is. If the diesel doesn\u2019t turn up, the farm doesn\u2019t run and the shelves go empty,\u201d Senator Canavan said.<\/p>\n
\u201cThis plan is just common sense. Keep more fuel here in Australia so we are not relying on overseas supply lines that can be cut overnight.\u201d<\/p>\n
Mr Taylor is calling on the government to work with industry on a clear roadmap to lift stockholdings in step with new storage coming online. <\/p>\n
He predicted that \u201cif we start today, delivering 60 days of fuel security by 2030 is achievable.\u201d<\/p>\n
\u201cTogether with measures announced last week to unlock Australia\u2019s oil and gas reserves, the Coalition\u2019s plan will bring Australia within range of our 90 day international oil stockholding ambition.\u201d<\/p>\n
It\u2019s expected the Albanese Government will announce its own plans to boost storage capacity shortly.<\/p>\n
Energy Minister Chris Bowen and Labor frontbencher Madeline King are leading the work.<\/p>\n
Foreign Minister Penny Wong is travelling to Japan, China and Korea in a diplomatic push to shore up fuel security.<\/p>\n
\u201cAustralia will continue working with international partners to help secure the supplies we need \u2013 including diesel, petrol and fertiliser \u2013 and ensure Australia is prioritised as a reliable energy partner,\u201d she said in a statement.<\/p>\n
On Sunday, Energy Minister Chris Bowen insisted that fuel stocks appeared to be \u201cvery solid.\u201d<\/p>\n
He confirmed that 58 ships carrying fuel were on their way to Australia.<\/p>\n
The national fuel stocks still fall well below the International Energy Agency\u2019s 90-day fuel reserve requirement, which has remained the case in Australia for years.<\/p>\n