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Petrol

Department for Business, Energy and Industrial Strategy written question – answered on 25th February 2019.

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Photo of Lord Birt Lord Birt Crossbench

To ask Her Majesty's Government how many days of reserve petrol stock are currently held by the UK, both inside and outside its borders; and how many days of stock will be held within the UK post-Brexit.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The UK currently holds 39 days of petrol stocks. The UK is also currently a net exporter of petrol as our refineries produce more than the UK consumes.

The UK has two international obligations to hold emergency oil stocks that can be released in response to disruptions to the oil market, as required by the EU Oil Stocking Directive (2009/119/EC) and under International Energy Agency (IEA) rules. The EU Oil Stocking Directive requires Member States to maintain stocks at the higher of 90 days of net imports or 61 days of inland consumption. The IEA obligation requires 90 days of net oil imports.

UK oil stocking obligations after we exit the European Union will depend on the terms of our exit, including whether there is a transition period. Under any scenario, the UK will continue to be bound by the IEA requirement to hold oil stocks equal to 90 days of net imports. Many countries around the world subscribe to the same obligation, a level widely considered appropriate to protect against oil disruption.

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