Australia’s competition watchdog is investigating major fuel suppliers including Ampol, BP, Mobil and Viva Energy for alleged anti-competitive conduct amid growing shortages sparked by the Iran war.
The Australian Competition and Consumer Commission chair, Gina Cass-Gottlieb, said on Thursday morning she was investigating reports about diesel availability to independent wholesalers and distributors in regional and rural Australia.
The news came as the prime minister, Anthony Albanese, named former Australian Energy Regulator chief executive Anthea Harris as a new national fuel supply taskforce coordinator.
Albanese urged motorists not to buy more fuel than they needed and said the federal government wanted Australia to have more supply than necessary. He stressed the country’s fuel supplies had not been disrupted nearly three weeks into the US and Israeli-led war and noted “we are cracking down on petrol companies engaging in price gouging”.
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The ACCC took the unusual step of announcing an urgent investigation, citing widespread concern by consumers, business and farmers amid the growing Middle East conflict.
“It is not our usual practice to publicly announce investigations, but given the significance of the issue, the ACCC is confirming this enforcement investigation,” Cass-Gottlieb said in a statement.
“It is important that fuel market participants and the community know that we are closely watching market conduct in relation to all fuels and we will not hesitate to act swiftly to enforce Australia’s competition and consumer laws.”
She said the investigation was at a preliminary stage, and the ACCC was yet to form a view about the allegations.
Albanese said Harris would coordinate supply and distribution questions between the federal government and the states and territories, with immediate effect.
The taskforce will provide consistent, coordinated updates on fuel supply outlook and domestic distribution, according to the government.
Speaking from Hobart immediately after a meeting of national cabinet, Albanese had a blunt message for motorists around the country.
“Please do not take more fuel than you need,” he said. “That is how you can help.
“It’s the Australian way to think of others, to think of their neighbours, their community, and also to think of the national interest. Only take what you need.”
The government believes Australia’s fuel supply remains solid – with all deliveries into the country arriving as expected so far – despite uncertainty over passage through the strait of Hormuz. As much as a fifth of global supply comes through the strategic waterway, bordered by Iran and the United Arab Emirates.
But panic buying has driven a 100% increase in demand, leading to shortages, including in the regions, amid rising prices.
On Thursday, the treasurer, Jim Chalmers, warned inflation could peak at 5% this year and petrol price hikes could persist until 2029.
He released new modelling suggesting a long lasting conflict in the Middle East could see Australia’s GDP fall by 0.6% in 2027, a hit of about $16.5bn to the national economy.
The meeting of national cabinet also received updates on the war from Kathy Klugmann, the newly appointed director general of the Office of National Intelligence, and from the Asio boss, Mike Burgess.
A communique released after the meeting said acknowledged that the longer the Iran war went on, the more significant the impact would be for global supply chains, fuel prices and the wider economy.
Albanese said Australia would continue to push for “deescalation”, but was not a party to the conflict.
“It is not certain, that is the truth, how long this will last,” he said.
“But I am hopeful you can see an endpoint. The objectives of denying Iran the opportunity to have a development of a nuclear weapon have been secured.”