Friday, September 30

Swiss to release petrol, diesel, heating oil stocks from Oct 3


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ZURICH — The Swiss government will release petrol, diesel, heating oil and kerosene from its strategic reserves from Oct. 3 to ensure the supply of oil products to the domestic economy, it said on Friday.

It cited limited freight capacities on the Rhine river and logistical problems with foreign rail transport for a lack of conventional supply.

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The government has already twice this year effectively released fuel reserves by allowing companies required to contribute to them to underfill by almost 20%.

Strategic reserves, or compulsory stocks, for petrol, diesel oil and heating oil cover around 4.5 months of normal consumption. In the case of kerosene, reserves suffice for around three months, the government said in a statement.

The ordinance releasing stocks will remain in force “for as long as the situation absolutely requires,” it said.

Compulsory stocks of petroleum products were last released in 2005, 2010 and 2019.

It also recommended companies that can switch to using heating oil from natural gas do so from Oct. 1. (Reporting by Michael Shields; Editing by Jan Harvey)



financialpost.com

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