With the fuel crisis showing no sign of abating, the Albanese government has unveiled a package worth more than $10 billion to protect the country’s fuel and fertiliser security.

The measures include setting up a government-owned Australian Fuel Security Reserve of about a billion litres.

The government would also raise the Minimum Stockholding Obligation by about ten days for every type of fuel.

The measures would expand Australia’s onshore reserve to at least 50 days supply and storage of diesel and aviation fuel.

As well, there is money for examining the feasibility of new or expanded refining capacity. Australia’s previous multiple oil refineries have shrunk from eight to just two, one of which, near Geelong, recently had a serious fire.

The government would aim to have its plan fully in place by 2030. It would be financed off budget meaning it doesn’t hit the budget’s bottom line. Much of the........

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