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Australia approves refinery fuel security legislation

The Australian parliament has passed the Fuel Security Bill 2021 that will provide approx. $1.8 Bn in funding to keep the country's two remaining oil refineries operational for at least the next six years. Payments will start to be made to the 109kbd (5.45Mnta) Lytton and 128kbd (6.4Mnta) Geelong plants from 1 July.

The legislation also provides A$51mn in funding to establish a minimum stockholding obligation (MSO) for gasoline, diesel and jet fuel, to take effect in July 2022, with a 40% increase in diesel stock levels planned from mid-2024.