The government's $10 billion plan to boost fuel stockpiles

For the first time since the second World War - Australia will have a publicly owned fuel stockpile.

Yesterday, Prime Minister Anthony Albanese confirmed next week's budget will include a more than 10 billion-dollar Australian Fuel Security and Resilience package - which will establish a government-owned fuel security reserve of 1 billion-litres of emergency diesel and aviation fuel.

It comes amid a global fuel crisis sparked by the war in Iran and the effective closure of the Strait of Hormuz - which supplies around 20 per cent of the world's oil trade.