NRMA welcomes long overdue fuel security measures

Today’s $10 billion fuel security and sovereignty package announced by the Federal Government has been welcomed by the NRMA.

Under the plan, a government-owned fuel reserve of some one billion litres will be established. The minimum stockholding will be increased to 50 days. Additional refining capability is being explored with the states and territories.

NRMA spokesman Peter Khoury said the measures would help address some of the national strategic challenges outlined by the NRMA in its 2008 and 2013 Jamison Group reports.

“The global events of the last two months have opened our nation’s eyes to the immediate need for Australia to take its fuel security seriously,” Mr Khoury said.

“This is an important start because it increases minimum stockholding of fuel – especially diesel – to 50 days and it now means the Australian Government will have a direct take in storage capacity. Given this issue is critical to our nation’s security, this makes sense.

“Governments have repeatedly kicked the fuel security can down the road despite the clear warnings sounded by the Jamison Group reports. Today, after the world’s worst oil shock, Australia’s fuel and energy requirements will go some way to being future-proofed.”