The latest government figures show Australia has just days of emergency stocks of fuel in reserve amid widespread turmoil in the region and the Middle East.
Energy Minister Josh Frydenberg is expected to announce a review of fuel reserves on Monday with Fairfax Media reporting the country has only a 22-day supply of crude oil, 59 days of LPG, 20 days of petrol, 19 days of aviation fuel and 21 days of diesel.
The International Energy Agency expects countries to keep a 90-day supply but Australia has just under 50 days.
"With the supply and demand dynamics of global energy markets changing rapidly and nearly a decade since the last National Energy Security Assessment, the time is right to relook at and rethink Australia's fuel security," Mr Frydenberg told Fairfax.
The last National Energy Security Assessment was held in 2011. Australia is currently dependent on imports for most of its fuel needs.