How EV adoption insulates Australia against oil supply shocks
16.03.2026 - 03:52
Mandala’s latest research finds that the adoption of electric vehicles is helping to insulate Australians from the oil supply shocks. This analysis looks at the contribution of Australia’s electric vehicle fleet to our petrol reserves, as well as the savings in fuel costs for Australian households.
Australia currently holds 36 days of petrol, 34 days of diesel, and 32 days of jet fuel in reserve. This fuel supply remains anchored to one of the world’s least stable regions, and therefore every reduction in Middle East dependence is important for Australia.
Our modelling found that our current adoption of electric vehicles (EVs), including hybrid and fully battery, has started to materially increase Australia’s fuel independence, with passenger EVs already saving the equivalent of 1.2 days of petrol use.
Policies such as the Fringe Benefits Tax exemption for EVs and the New Vehicle Efficiency Standard have helped increase EV uptake, but Australia still lags behind global leaders significantly. If Australia matched Norway's EV penetration rate, the highest in the world, our petrol reserve cover would grow by 11 days, a 30 per cent increase on the current 36-day reserve.
Our analysis also found that if the elevated fuel prices from the Middle East conflict persist for a year, the average two petrol-vehicle household could face more than $700 in additional annual fuel costs, a rise of at least 23 per cent on pre-conflict fuel bills.
Read the full research note here.
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