JAKARTA - The Australian government has allocated an additional US$7.23 billion (Rp125 trillion) to increase fuel reserves and create emergency supplies to strengthen the country's security amid the Middle East conflict.
The additional package of funds includes about 5.5 billion US dollars (Rp95 trillion) in the form of financial support for oil and gas companies, as well as about 2.7 billion US dollars (Rp46.8 trillion) for national fuel reserves for about 1 billion liters of diesel and jet fuel, according to a broadcast by the Australian Broadcasting Corporation (ABC), Wednesday.
The Australian government is also exploring the need and feasibility of building a new refinery or expanding an existing refinery.
Based on the plan proposed by the Australian Government, the country's gasoline reserves are reported to have increased to 37 days of demand and diesel and jet fuel reserves to around 50 days.
At the end of February, the United States and Israel launched an attack on Iran that caused damage and killed civilians. The US and Iran also announced a ceasefire in early April and held talks in Islamabad that ended without results.
US President Donald Trump also extended the ceasefire to give Iran time to submit a "unified proposal".
The escalation of the conflict almost stopped traffic in the Strait of Hormuz, which is the main route for the delivery of oil and liquefied natural gas from Persian Gulf countries to global markets. As a result, fuel prices rose.
Trump also announced Project Freedom on Sunday night (3/5) to help ships stuck in the Strait of Hormuz continue their journey.
However, just two days later, Tuesday (5/5), Trump decided to temporarily stop the operation to see if a peace deal with Iran could be reached.
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