Fuel Crisis Highlights Need for Australian Sovereignty
18 March 2022
Australians have been reminded of the risk of supply interruptions following Russia’s invasion of Ukraine. The war and subsequent sanctions against Russia have sent local fuel prices soaring by at least a quarter to well beyond $2 a litre in much of Australia.
Recent natural disasters and the supply pressures caused by the sanctions have shown it is vital to hold a sovereign refining capability that meets our needs during an emergency, as well as into the future.
We now currently import around 90% of our liquid fuels, much of it from Singapore, South Korea, Japan, China and the US. This is a vastly different picture from Australia’s position 20 years ago, when there were eight oil refineries located strategically around the country.
The gradual disappearance of local oil refining capacity has seen fuel storage levels drop dramatically, from 90 days supply to less than 30 days supply.
Australia’s fuel security is essential for our national security and underpins our economy.
A spokesperson for the Federal Energy Minister, Angus Taylor, said the Morrison government is taking “strong, proactive measures to further enhance our domestic fuel security.” These included subsidising the two refineries until at least mid-2027, introducing a minimum stockholding obligation to safeguard levels of key transport fuels, and increasing onshore diesel stocks by 40% with industry through a $260m grants program.
Whilst supply issues will continue, this is a timely reminder of the importance of Australian-based and owned businesses, as they are the backbone of the Australian economic landscape. Supporting Australian owned oil suppliers will help keep more Australians employed and will invest money directly back into our communities – which we so desperately need.
Riordan Fuels is an Aussie-owned business with 100% of their fuel produced in Geelong, Victoria. They provide Aussies with an extensive fuel network that expands across regional Victoria, metropolitan Victoria and Southern NSW.
Officially certified as an Australian Owned business, Riordan Fuels have seven service stations and more than 40 self-service diesel tanks along with 50 private fuel tanks in its fuel distribution network which are maintained round the clock by their modern fleet of trucks & fuel tankers.
Employing over 65 people, Riordan Fuels started with a big vision to become the leader in fuel supply to regional communities and that is exactly what they have done. They have a strong customer base and commitment to regional areas.
“Because we are an Aussie owned family business we are part of the community which we serve,” said Riordan Fuels Owner, Robert Riordan.
“Supporting Aussie owned businesses is crucial as communities recover and rebuild post COVID-19. It’s important to keep the country’s cities and towns active and alive. Buying from Aussie owned businesses keeps money moving through our economy, keeps Aussies in jobs and contributes to the fabric of our communities.”
Australian Owned Certified businesses are all about Australia. They are Australian people. In Australian communities. Investing directly in the Australian economy.
“It’s important to us to be part of a national initiative like Australian Owned that’s strengthening communities through jobs and investment and contributing to the long-term prosperity of this country,” said Mr Riordan.
Is your business Australian Owned? Support the initiative by making an application for certification online at www.ausowned.com.au.