Currently, estimates from oil companies place Australian stock figures at six weeks supply, contrary to the government's claims of a nine month stockpile.

It has now become clear that the government is patently aware of the potential crisis with federal Resources Minister Ian Macfarlane calling on the industry to consider the appointment of an independent chairman to oversee the especially vulnerable jet fuel supply situation.

The country's oil refiners are also expected to be called upon to build up voluntary stockpiles of petroleum products to balance the low fuel reserves that could pose a national security threat.

Oil industry experts have previously argued that rationing consumption rather than by stockpiling is a better way to deal with supply dramas.

Australia is supposed to hold a 180 to 270 day supply under the terms of international arrangements covering energy security.