Domestic refineries are supplied until at least May, Australia's energy minister has said, as Canberra moves to quell concern about the impact from the turmoil in the Middle East on Australia's 1.1mn b/d oil demand.
As a result of the minimum stockholding obligation (MSO) 36 days' worth of gasoline, 34 days' of gasoil and 32 days' of jet fuel are on hand at present, energy minister Chris Bowen said on 3 March.
Oil industry leaders have assured the federal government that contracts in place will be fulfilled, Bowen said, adding that he expects energy security will be in good circumstances in weeks and months to come.
Australia hosts just two refineries, the 109,000 b/d Lytton in Brisbane and the 120,000 b/d Geelong refinery. About half the country's energy use is attributed to liquid fuels, and oil product imports, mainly from east Asia, meet more than three-quarters of demand.
In response to questions about rising fuel prices, Bowen said prices would continue to be monitored by competition regulator the Australian Competition and Consumer Commission.
Australia does not plan to meet the 90-day net import coverage standard set by the IEA — the country had 50 days' supply as of 31 December 2025 — as the MSO as "necessary and appropriate for ensuring domestic fuel security," Bowen said
Australia imported 188,000 b/d of gasoline, 140,000 b/d of jet fuel and 521,000 b/d gasoil in 2025, Australian Petroleum Statistics data show, and domestic production of oil products stood at 244,000 b/d.
