Boosting Australia's Diesel Storage Program

The Boosting Australia’s Diesel Storage Program will provide up to $200 million over three years from 2021-22 to 2023-24. The program is part of the Australian Government’s ten-year comprehensive fuel security package to increase Australia’s resilience to fuel supply disruptions, which aims to secure local industry capability while keeping fuel prices low for consumers. The objectives of the program are to:

• provide matched funding to industry to construct new diesel storage that will result in an estimated 780ML of additional diesel storage being kept onshore. This quantity is estimated to be required for industry to meet the proposed minimum stockholding obligation by 2024.  
• support job creation in local industries.

The intended outcomes of the program are to:

• support Australia’s fuel security through the creation of additional domestic storage capacity to hold diesel stocks whilst retaining sovereign refining capacity
• contribute to the Australian Government’s JobMaker Plan and COVID-19 economic recovery agenda.