1. How many days of fuel does Australia have right now?
As of 15 September 2026 Australia had 41 days of petrol, 31 days of diesel and 32 days of jet fuel, calculated on normal rates of consumption (fuelplan.gov.au). The government site counts stocks held in Australia and fuel on water in the exclusive economic zone. In volume that meant 1,730 million litres of petrol, 2,853 million litres of diesel and 863 million litres of jet fuel.
| Fuel | Days, 15 Sep 2026 | Million litres, 15 Sep 2026 | Days, Q1 2026 average |
|---|---|---|---|
| Petrol | 41 | 1,730 | 37 |
| Diesel | 31 | 2,853 | 32 |
| Jet fuel | 32 | 863 | 30 |
Source: fuelplan.gov.au, fuel statistics (data compiled by DCCEEW). Days of consumption, not IEA days of net imports.
Diesel and jet fuel have barely moved since the first quarter. In May the Reserve Bank of Australia (RBA) put stocks at “around 30 days of diesel and jet fuel, and around 45 days of petrol”. More is on its way: on 18 September four crude tankers (about 9 days of supply) and 36 product tankers (about 12 days) were heading for Australia, and at least 3.6 billion litres of crude, diesel, jet fuel and petrol were scheduled to arrive within four weeks. Why a day count says less than it seems is explained in our glossary entry on days of supply; how Australia compares with Europe, the US and Asia is in the Oil Reserves Monitor overview.
2. Does Australia meet the IEA's 90-day rule?
Not on any figure we could find: the IEA asks every member to hold oil stocks equal to at least 90 days of net imports, and the numbers in circulation for Australia are press values well below that, not official data. A Statista chart based on IEA data put Australia at 49 days (25 March 2026, data month unclear), and ABC News reported 53 days of net import coverage (3 December 2025). Neither is a current official figure: the Australian Petroleum Statistics could not be read for this page, and the IEA's own data tool loads dynamically. How the IEA counts, and why days of use and days of net imports differ, is set out on our page on the 90-day rule.
The gap has a structural side. Almost 80% of Australia's demand for refined products is met by imports on an energy-equivalent basis (RBA, May 2026), and only two refineries remain, according to ABC News: Ampol's plant at Lytton near Brisbane and Viva Energy's in Geelong. The government's own day counts also include fuel on ships in the exclusive economic zone, so they should not be set against IEA figures.
Where those imports come from is not part of our Hormuz analysis. The GOS Hormuz Exposure Index uses Eurostat trade data and therefore covers EU countries only; for Australia no comparable official breakdown by supplier country is in our data.
3. What is Australia's Minimum Stockholding Obligation?
The Minimum Stockholding Obligation (MSO) under the Fuel Security Act 2021 requires fuel importers and refiners to hold a set number of days of petrol, diesel and jet fuel; the minister declares the target and must take Australia's IEA commitment into account (section 14). Since 1 July 2024 the baseline has been:
| Company type | Petrol | Diesel | Jet fuel |
|---|---|---|---|
| Importers | 27 days | 32 days | 27 days |
| Refiners | 24 days | 20 days | 24 days |
Source: Ampol, fuel supply FAQ (table “2025-26”); the law firm HWL Ebsworth gives the same figures as the baseline from 1 July 2024 (2 July 2024). The government's own MSO page could not be read.
In volume, the baseline came to 1,067 million litres of petrol, 2,742 million litres of diesel and 633 million litres of jet fuel, according to HWL Ebsworth (10 April 2026). The Act lets the minister cut the obligation temporarily, for no more than six months at a time, with further six-month periods allowed (section 16A). The obligation applies to each company, not to the country as a whole. It puts the stocks, and the cost of holding them, on the companies, a model closer to the United Kingdom's company-held stocks than to the government-owned Strategic Petroleum Reserve of the United States.
4. What did Australia release in 2026, and is the cut still in force?
From 16 March 2026 the government cut the minimum stocks of petrol and diesel by 20% for companies that submit a regional supply plan approved in writing by the regulator, which made up to 762 million litres available (instrument F2026L00256; fuelplan.gov.au). Jet fuel was not included. The figure matches the baseline: 20% of 1,067 million litres of petrol plus 2,742 million litres of diesel is 761.8 million litres, or about 4.79 million barrels at 158.987 litres per barrel (own calculation). That is in line with Australia's contribution of 4.8 million barrels to the IEA collective action, listed entirely as obligated industry stocks of products (IEA, 19 March 2026).
The instrument was repealed at the end of 30 June 2026, and the Federal Register of Legislation lists it as no longer in force; we found no follow-up instrument there. According to the trade publication C-Store (22 September 2026), which reports an announcement by Minister Bowen, “Suppliers will be allowed to hold 20 per cent less diesel and petrol in reserve until 31 January 2027”. The primary statement could not be read, so treat the extension as reported, not confirmed. Meanwhile pump prices in the five largest cities stood at A$2.24 a litre for petrol and A$2.68 for diesel on 16 September, 53 and 91 cents above 20 February (ACCC, via fuelplan.gov.au). How the Australian share fits into the 426 million barrels of the collective action is shown on our page on the IEA release 2026.
5. What is Australia building next, and who pays for it?
In May 2026 the government announced a permanent, government-owned Australian Fuel Security Reserve of around a billion litres at a cost of A$3.2 billion, and an MSO lifted by around 10 days for every type of fuel (Prime Minister's office, 6 May 2026). According to the 2026-27 Budget, the reserve will hold diesel and jet fuel, and Australia “will increase its diesel and jet fuel reserves to 50 days”. Both steps sit inside an A$14.8 billion Australian Fuel Security and Resilience package (fuelplan.gov.au).
That changes who pays. The package keeps the company obligation and adds a public layer on top: the MSO leaves the cost of holding stocks with importers and refiners, while the new reserve is owned by the government and paid for from its budget. The United States has long relied on a public reserve, and in 2020 the two countries agreed an arrangement under which Australia can access Australian crude held in the US Strategic Petroleum Reserve during an emergency (US Department of Energy, DOE, 10 March 2020). How much Australian oil is stored there today is not documented. For the current US level see our page on the US SPR; for how other countries fund their stocks, see who pays for the reserves.
How to cite: Global Oil Shock (Jörg Dässler), “Australia Fuel Reserves: 31 Days of Diesel Use (2026)”, as of 23 Sep 2026, https://globaloilshock.com/en/strategic-oil-reserves/australia/