Australia Fuel Supply Low: 30 Days Left? Panic Buying Causes Shortages

Australia's fuel reserves are critically low, with some types having only about 30 days of supply left. This is much less than usual.
By Newsroom | Energy, Australia |

Australia's national fuel reserves are reportedly hovering around a month's supply, a figure described as insufficient by some lawmakers, while independent suppliers face order backlogs and panic buying strains resources.

Reports indicate Australia holds approximately 36 days' supply of petrol, 34 days' of diesel, and 32 days' of jet fuel. However, other figures suggest lower reserves, with one report citing 28 days for petrol, 24 days for diesel, and 20 days for jet fuel. These figures, derived from the Minimum Stock Obligation, include fuel in transit and pipelines.

The situation is exacerbated by hoarding, with instances of petrol being stockpiled, leading to rapid depletion at some service stations. Hardware stores have seen a surge in sales of fuel containers, with shelves being stripped bare. This panic buying has forced some fuel distributors, such as Bartranz Petroleum in Queensland, to flag major disruptions. In some locations, diesel sales have been limited to emergency vehicles, a measure implemented to ensure access for ambulances, fire trucks, and police.

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Regional areas are particularly affected. Western Australian farmers report waiting up to three weeks for fuel supplies, with some facing only a few days of operational fuel left. This has a direct impact on agricultural production, with farmers like Dom Dellavedova estimating they will have to halt harvesting within 10 days if supplies don't arrive.

The price of crude oil, specifically Tapis crude, Australia's regional benchmark, is also a factor. Experts suggest that increases in crude prices could take seven to 10 days to be reflected at Australian service stations.

Background to the Strain

Concerns over Australia's fuel security have been raised by lawmakers, who view the low reserves as a national security issue. The current situation is partly attributed to the impact of a conflict in the Middle East, which has heightened anxieties about global supply chains. Independent fuel suppliers are reportedly struggling to meet demand, contributing to the delays experienced by both businesses and consumers.

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Frequently Asked Questions

Q: How much fuel does Australia have left?
Australia has about 30 days of fuel left. Petrol has around 36 days, diesel 34 days, and jet fuel 32 days. Some reports say even less, with petrol at 28 days.
Q: Why are people panic buying fuel in Australia?
People are worried about fuel shortages. This is because national reserves are low and there are problems getting fuel from suppliers. Many are buying extra fuel containers.
Q: How are fuel shortages affecting Australian farmers?
Farmers in areas like Western Australia are waiting up to three weeks for fuel. Some may have to stop harvesting crops in 10 days if they don't get fuel soon.
Q: Are diesel sales limited in some parts of Australia?
Yes, in some places, diesel is only being sold to emergency vehicles like ambulances and fire trucks. This is to make sure they have fuel when needed.
Q: When will higher crude oil prices affect Australian fuel prices?
Experts say that if the price of crude oil goes up, it will take about 7 to 10 days to see the higher prices at Australian petrol stations.