Australia will allow release of up to 762 million litres of petrol, diesel from domestic reserves

Australia's Energy Minister said on Friday that the country will release up to 762 million litres of fuel from reserves after easing stockholding rules to counter supply disruptions linked to the Iran conflict.

Furthermore, the government plans to cut minimum fuel stockholding obligations by up to 20%. The measure aims to address fuel supply disruptions linked to the Iran conflict.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is down 1.05% on the day at $93.85.