It is thought the move would make it easier for companies to share information and prioritise parts of the country most at need following recent panic buying.
Business Secretary Kwasi Kwarteng said: ‘While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains.
‘This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised.
‘We thank HGV drivers and all forecourt staff for their tireless work during this period.’
Talks are currently underway to deploy the army to deliver fuel, which could be examined at a potential cabinet meeting today.
It comes following days of long queues at the pumps, after fears of disruption to the fuel supply.
The Petrol Retailers Association warned as many as two thirds of around 5,500 independent outlets are out of fuel.
The government also relaxed competition law in March 2020, to help supermarkets work together to maintain food supplies.
A shortage of lorry drivers been linked to problems for a range of industries in recent months, including fuel.
This weekend the government announced it would offer temporary visas, lasting until Christmas Eve, to 5,000 foreign fuel tanker and food lorry drivers and 5,500 poultry workers in a bid to limit disruption in the build up to Christmas.