Prime Minister warns against panic buying amid regional shortages, as competition watchdog investigates major fuel companies.
SYDNEY: Prime Minister Anthony Albanese has urged Australians to avoid panic buying petrol and diesel, which he said has caused shortages in some rural areas, while stressing national fuel supply levels remain stable.
He called on the public to buy only what they needed to help manage the situation. “My message to Australians is please do not take more fuel than you need,” Albanese told reporters.
The appeal follows a spike in demand that has doubled in some regions, leading to localised shortages despite scheduled shipments continuing to arrive. The government is responding to supply concerns triggered by global disruptions linked to the Iran conflict.
Albanese confirmed the federal government had already taken steps to secure uninterrupted fuel imports into the country. “Our fuel supply is currently secure. However, I want us to be over-prepared,” he said.
The government will roll out additional measures in the coming days to safeguard supply. It has also appointed Anthea Harris, former boss of the Australian Energy Regulator, as the national fuel supply taskforce coordinator.
Her role will be to tackle shortages and improve the domestic fuel supply chain. The move comes as Australia’s competition regulator began an investigation into allegations of anti-competitive conduct by major fuel suppliers.
The probe targets companies including Ampol, BP’s Australian unit, Mobil Oil Australia and Viva Energy’s unit, which operates Shell fuel stations in Australia. This follows widespread consumer concerns over fuel pricing and supply issues.
Albanese warned that a prolonged conflict would further strain global energy markets and impact Australia’s economy. The recent escalation in the Middle East has pushed global oil prices higher.
Iran accused Israel of striking its facilities in the South Pars gas field, prompting retaliatory strikes on Gulf oil and gas targets. In its latest Financial Stability Review, the Reserve Bank of Australia said the war was a material risk to the economy.
It noted, however, that domestic banks remained well-positioned to support growth in the event of a significant downturn.
