A BWM driver sparked debate online this week after being spotted with multiple jerry cans in his boot. (Source: Reddit)
Aussies are continuing to panic buy and stockpile fuel, with major retailers like Bunnings struggling to keep jerry cans in stock. Petrol and diesel prices are reaching close to $3 a litre in parts of the country, with some service stations running out altogether as the Iran war enters its fourth week.
A BMW was pictured with about six jerry cans loaded into the boot at a BP service station this week. The sight drew criticism with some online calling the act “selfish” and others arguing it was “dangerous” as the driver appeared to be filling up the cans from the boot.
“Is this safe? 100L of petrol and 20L of diesel in the back of the BMW,” a witness wrote on social media.
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Nearly one in four Aussies (24 per cent) have admitted to stockpiling petrol or buying more than usual, a new Money.com.au nationally representative survey revealed this week. Of those, 3 per cent said they had faced purchase limits when trying to buy bigger quantities of petrol.
Money.com.au finance expert Sean Callery said it was a “knee-jerk reaction” to the uncertainty over fuel supply and skyrocketing prices.
“With petrol prices pushing towards $3 per litre in some areas, it’s a real financial pressure point for households, and commuters have no choice but to absorb the cost,” he said.
“Some Aussies are turning to stockpiling petrol or filling up more often in an attempt to get ahead of further price increases.
Diesel topped $3 a litre at BP in Brisbane on Friday. (Source: NewsWire)
“But what many don’t realise is that panic buying can actually exacerbate the problem, because when demand spikes suddenly, it puts additional pressure on already tight supply and can push fuel prices even higher.”
NSW motorists were found to be the biggest panic buyers at 25 per cent, ahead of Victoria at 22 per cent and Western Australia at 21 per cent. Younger Aussies were also found to be buying up more, with 39 per cent of Gen Z admitting to stockpiling, followed by 30 per cent of Millennials.
While there’s no specific offence in Australia for stockpiling fuel, penalties can apply if fuel storage or transport regulations are breached.
Service stations can also be penalised if they allow fuel to be dispensed into non-compliant containers.
Energy Minister Chris Bowen told federal parliament on Monday that 109 outlets in Victoria had run out of at least one grade of petrol, 47 outlets in Queensland had no diesel and 32 were without regular unleaded, while 37 stations in NSW had run out of petrol.
NSW Premier Chris Minns said yesterday that 105 of the state’s service stations were without diesel, while 35 had no access to fuel.
Bowen said any moves towards fuel rationing were not an immediate prospect, saying we were still a “long way” from taking that kind of action.
On Sunday, Bowen told ABC Insiders that Australia had 38 days’ worth of supply petrol, and 30 days for both diesel and jet fuel.
“We are really seeing the same if not a slightly more level of petrol and diesel in Australia than we did just before this crisis began,” he said.
Bowen said Australia gets on average around 81 boats a month delivering fuel to Australia, with Singapore, South Korea and Malaysia the big suppliers.
“We’re aware of six boats that have been cancelled out of that 81 on average. And some of those have already been replaced by the importers and refiners with other sources,” he said.
Prime Minister Anthony Albanese has been urging Aussies not to panic buy fuel.
“There’s no case for hoarding. People filling up jerry cans, keeping fuel in your garage, a bit like what happened in COVID, people filling up their garage with toilet paper,” he said on Saturday.
“Toilet paper is less dangerous than fuel. There’s a different aspect here as well. So, people need to engage responsibly, and I’m sure that overwhelmingly, that’s what Australians will do.”
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