Key facts
- Australia's gasoil stocks increased to 22.2 million barrels as of July 30.
- Jet fuel stocks in Australia rose to 5.9 million barrels in the same period.
- Gasoline stocks decreased to 11.1 million barrels.
- Electric vehicle sales represented 23.4% of new vehicle purchases in June.
- The temporary fuel excise tax cut was reduced and extended until August 2.
Australia's fuel importers reported increased stocks of gasoil and jet fuel for the week ending July 30, despite a dip in gasoline inventories. This development coincides with a significant surge in electric vehicle (EV) sales during June.
According to data released by Australia's energy minister Chris Bowen on July 4, fuel importers held 22.2 million barrels of gasoil, 11.1 million barrels of gasoline, and 5.9 million barrels of jet fuel within the country and its exclusive economic zone as of June 30. This represents approximately 38 days of gasoil supply, 41 days of gasoline supply, and 34 days of jet fuel supply.
Compared to the previous week, gasoil supply increased by one day, while gasoline supply decreased by three days, and jet fuel supply gained five days. The surge in EV sales saw battery EVs constitute 23.4% of all new vehicle purchases in June, a substantial rise from the 8.3% recorded last year, according to the Federal Chamber of Automotive Industries (FCAI).
China has emerged as the leading source of Australia's new vehicle sales, accounting for 35.5% of the market. Japan followed with 20.7%, and Thailand with 17.8%.
Effective July 1, Australia's temporary cut to fuel excise and the heavy vehicle road user charge was halved and extended by one month. The discounted tax rate has been lowered to 16 Australian cents per liter, increasing the effective excise rate to 36.6 Australian cents per liter until August 2.