National fuel reserve to be built in $10b security plan

The measures include a permanent, government-owned fuel reserve of about a billion litres to be established at a cost of $3.2 billion.

The minimum stock-holding obligation for suppliers will also be lifted by about 10 days for every type of fuel.

The government will set aside $7.5 billion to set up a fuel and fertiliser security facility to increase supply and storage by providing financial support through loans, equity, guarantees and price support.

Australia's onshore fuel reserves will be expanded to ensure at least 50 days of fuel supply, including stores of diesel and aviation fuel.

Feasibility studies into newer, expanded fuel-refining capabilities will be given $10 million.

"What Australians can be certain of is that we are throwing everything at this to make a difference, to protect the interests of Australians," Mr Albanese told reporters in Sydney.

Energy Minister Chris Bowen said Australia was in a minority of countries in the International Energy Agency that didn't have a national reserve.

"If we had a government-owned reserve, which, at the direction of the government, could be sent to those areas of shortage ... that would have been very handy, and that's what we're building," he said.

A temporary cut of the fuel excise has already been unveiled, carving 26 cents off a litre.

That $2.5 billion measure is due to run out at the end of June, but the treasurer has not confirmed whether the excise cut would continue beyond that point.

The latest figures show Australia has 43 days' supply of petrol, 33 days of diesel and 28 days of jet fuel.

The nation has greater stores than it had  at the start of the war in Iran, which has led to the de facto closure of the Strait of Hormuz.

The developments come as US Secretary of State Marco Rubio announced American military operations against Iran had ended.

Mr Rubio said the focus was now on reopening the strait, through which 20 per cent of the world's oil supply is transported.