South Australia Sets Up $40 Million Diesel Stockpile in Response to Iran War
The South Australian government has announced the purchase of $40 million Australian dollars' worth of diesel reserves to soften the impact of the Iran war on energy supply. The stockpile is aimed mainly at keeping critical mining and farming machinery running.
The Adelaide government has announced the build-up of A$40 million in diesel reserves to counter uncertainty in Australia's fuel supply chain caused by tensions in the Strait of Hormuz. The state treasurer says the purchase will sit on top of existing public refinery stocks and be spread across private storage facilities.
Diesel is critical to South Australia's iron ore, copper mining and grain sectors. The state accounts for around 60% of Australia's copper output; any disruption to production lines feeds straight through to export earnings. The state government says the move will lift the average diesel inventory cover from 18 days to 28 days.
At the federal level, Canberra is working on a separate programme to push the strategic fuel reserve from 60% to 80% capacity. The Australian Industry Council has welcomed the state-level decision but says similar steps are urgently needed in Western Australia and Queensland.
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