An agreement between Export Finance Australia and independent supplier Freedom Fuels should see the shipment arrive in Brisbane in coming days.
It will then be distributed across the state to meet supply constraints in regional and independent service stations from June onwards.
Anthony Albanese says the fuel is in addition to 16 shipments already secured with help from Ampol, BP, IOR and Viva Energy in response to global supply instability triggered by the Middle East conflict.
"This is a win for regional Queensland when they need it most," the prime minister said on Saturday.
"(It comes via) a partnership between our government and a business with demonstrated and reliable pathways to ensure fuel gets to farmers and growers who need it."
Energy Minister Chris Bowen said the temporary relaxation of Australia's Minimum Stockholding Obligation for petrol and diesel would also be extended for three months.
The measure ensures bulk importers and refineries maintain a baseline level of stock at all times.
The extension will effectively allow suppliers to keep 20 per cent less diesel and petrol in reserve as long as they commit to delivering more fuel into the domestic market until the end of September.
"This measure provides ongoing flexibility for industry to respond quickly in the event of another significant spike in demand," Mr Bowen said.
However, Australia's domestic holdings have given the government confidence the three-month extension strikes the right balance should global conditions deteriorate.
Mr Bowen said supply tankers were arriving in Australia's ports but the ongoing closure of the Strait of Hormuz continued to disrupt markets.
"Even once shipping resumes, the return to normal of the global flow of fuels and goods will take months," he said.
Under its Strategic Reserve powers, the government has also secured an extra 205,000 tonnes of agricultural-grade fertiliser, Mr Albanese said.
Australia currently holds 48 days' worth of petrol, or 12 more than when Iran was first bombed.
It holds 36 days of diesel or an extra four days' worth, and 30 days of jet fuel or an additional day.
Some 46 ships ready to deliver various fuel types are also on the water.
The latest Australian Bureau of Statistics Survey of Business Conditions and Sentiments reveals fuel prices and supply have adversely affected 72 per cent of businesses across the country.
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