44Y.— (1) The Minister for Transport may determine that oil stocks released, or to be released, by the Agency pursuant to a direction of the Minister under section 35 may, in a case of particular urgency in order to avoid, or mitigate against, a major supply disruption or the risk thereof, be exempt from the renewable transport fuel obligation under section 44C.

(2) For the purpose of calculating the specified amount under subsection (3) of section 44C, oil stocks which are the subject of an exemption under subsection (1) shall not be treated as a relevant disposal of petroleum products under F156[the said subsection (3) of section 44C].

(3) A determination under subsection (1) shall be made by the Minister for Transport as soon as practicable following the direction of the Minister under section 35 but may be made following the release of the oil stocks the subject of the direction.

(4) For the purposes of subsection (1), the Minister shall, as soon as practicable following the making of a direction by him or her under section 35, notify the Minister for Transport of any oil stocks released or to be released by the Agency in accordance with that section.

(5) The Minister for Transport shall, before making a determination under subsection (1) —

(a) consult with the Minister and the Agency, and

(b) have regard to—

(i) Article 25(1) of Directive (EU) 2018/2001 of the European Parliament and of the Council of 11 December 2018³ on the promotion of the use of energy from renewable sources,

(ii) Article 7a of Directive 2009/30/EC of the European Parliament and of the Council of 23 April 2009⁴ amending Directive 98/70/EC as regards the specification of petrol, diesel and gas-oil and introducing a mechanism to monitor and reduce greenhouse gas emissions and amending Council Directive 1999/32/EC as regards the specification of fuel used by inland waterway vessels and repealing Directive 93/12/EEC, and

(iii) carbon budgets prepared and approved under sections 6A and 6B respectively of the Climate Action and Low Carbon Development Act 2015 and sectoral emissions ceilings prepared and approved under section 6C of that Act.

(6) The Minister for Transport shall, as soon as practicable, advise the Minister and the Agency of the making of a determination under subsection (1) and the Agency shall inform the obligated party concerned.

(7) The Agency shall, when notifying an obligated party under section 44I, take account of any determination made under subsection (1).]