The Global Oil Security Section of the Australian Department of Environment and Energy advised that the new rules for the operation of Fuels Reporting Act (2017) had been formally adopted by the Australian Government.
The Rules were made by the Minister for the Environment and Energy under the Petroleum and Other Fuels Reporting Act 2017 and detail the specific mandatory reporting requirements that will apply to fuel and fuel-related businesses. The reporting obligations will see businesses producing, refining, wholesaling and storing petroleum and related products required to report monthly to the Department for the Environment and Energy.
The new Rules detail the conditions under which businesses must report as well as providing details on exemptions, exceptions and reduced reporting frequencies. Businesses will be required to report fuel stocks monthly in arrears, commencing on 1 January 2018, with the first report due on 15 February 2018.
ACAPMA CEO Mark McKenzie says, “Fuel businesses that pay fuel excise and/or have monthly stockholdings of 3,000 tonnes or more will be required to submit monthly reports. There are several caveats in relation to wholesale stockholdings, particularly where the rights in the stock may be held by a third party, and so fuel wholesalers with facilities for the storage of 3000 liters of fuel or more are encouraged to carefully review the new rules and assess their liability to report”, continued Mark.
ACAPMA understands that the Department of the Environment and Energy is currently finalizing guidance material, including reporting templates, for reporting businesses. These materials will be distributed to ACAPMA members once they are received from the Department. PWKD17112017