Comprehensive liquid fuel strategy needed for Australia’s security: RACQ

RACQ has welcomed the Federal Government’s announcement of a $211 million dollar liquid fuel security package but called for more detail to ensure motorists would not be worse off.

The Sydney Morning Herald reported the funding would see new domestic storage facilities built to maintain a safety net of 24 days worth of petrol and jet fuel stocks, and diesel stocks would be increased to 28 days of supply. The package would also include financial enticements to support local refineries. 

RACQ Head of Public Policy Rebecca Michael said fuel security was crucial to motorists, industry, and national security.

“All Australians are reliant on fuel whether it’s through personal vehicle use, or industries like shipping and logistics, travel, mining or farming,” Dr Michael said. 

“We urgently need a comprehensive fuel strategy which will ensure security and protect us from global events, like pandemics or wars, through a combination of refining, fuel storage, and fuel diversification.”

Dr Michael said while there had been some concerns for the future of Australia’s refineries due to financial pressures, the fuel industry was a profitable one.

“The fuel industry, like many sectors has been impacted by COVID-19, however in normal circumstances this is one that’s highly profitable and according to recent reports, the sector was producing record profits,” she said.

“We look forward to discussing the details of the Government’s package because we want to clarify how it’s going to be paid for and make sure any costs to motorists are proportionate to the benefits.”