Analysts say Australian motorists will pay more at the bowser in coming days, and warn that it could be a long-term price-rise.
Australia has enough petrol and crude oil to supply the country for 28 days, which falls short of international agreement mandates that countries hold 90 days' supply.
Last month Angus Taylor confirmed Australia was in discussions with the United States to use its strategic petroleum reserve.
Labor says that's not an effective solution to fuel security, as it would not boost supplies on-shore.
Independent MP Andrew Wilkie says it is 'disingenuous' to present the plan as a solution, when it relies to heavily on goodwill and doesn't properly account for a global shortage.
