The Federal Government is moving to shore up petrol supplies, which it claims could keep a lid on fuel prices. Fi_Willan AusPol 9News Details here:
The government will work with industry over the next six months on the legislative and regulatory design of the package.The package will include a $200 million investment in a competitive grants program to build an additional 780ML of onshore diesel storage, the creation of a minimum stockholding obligation for key transport fuels and a detailed market design process for a refinery production payment.
The report, commissioned by the Australasian Refineries Operatives Committee and backed by the Australian Workers' Union, found Australia must increase its fuel security capacity by at least 4000 million litres by building new storage facilities at a cost of $2.7 billion. "The pandemic has demonstrated an urgent need for the country to shore up its fuel security," AWU National Secretary Daniel Walton said.
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