Australia Unveils $7.2 Billion Fuel Security Plan Push After Iran War Supply Shock

Australia will include an A$10 billion ($7.2 billion) package for fuel and fertilizer security in next week’s budget proposal after the Iran war caused a run on supplies in the Pacific nation.

The package will fund a permanent government-owned onshore fuel reserve of around 1 billion liters and lift the minimum amount of fuel companies are required to hold by around 10 days, Prime Minister Anthony Albanese said in a speech in Sydney on Wednesday. That will support an expansion of overall storage to 50 days of supply for diesel and jet fuel, he said.