The Australian Worker’s Union is backing a plan to hike petrol prices to help build fuel reserves and reduce our reliance on imported oil.

A new report suggests an increase of 1.12 cents a litre would be enough to enable Australia to build new liquid fuel reserves.

Australian Workers’ Union National Secretary, Daniel Walton told Jim Wilson “a small price hike” for fuel will “give us some strategic insurance” around keeping our current refineries open.

“A small one cent levy provides us security … to build storage facilities to guarantee we have enough reserves … if our supply lines are shut.”

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