Australian Minister for Climate Change and Energy Chris Bowen has urged Australians not to panic buy petrol amid concerns there will be a fuel shortage as a result of the United States’ and Israel’s war against Iran.
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Rising oil prices and fears of supply disruptions have seen motorists queuing at petrol stations to fill their tanks.
Bowen told reporters Australia has 36 days of petrol and 34 days of diesel in reserve—the highest reserve level in more than a decade.
“There is no need to rush to the service station and fill up,” he told media.
“I do understand people’s concerns but it’s important that people know we do have a good stock of petrol in reserve in Australia, there’s no immediate threat to petrol supplies in Australia.”
Bowen said that while petrol costs could be impacted by the spike in oil prices, regulators would take action against price gouging.
Treasurer Jim Chalmers said he had written to consumer watchdog the ACCC asking it to ensure fuel retailers “don’t use events in the Middle East to price gouge Australians”.
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“Unfolding events should not be used as an excuse for retailers to gouge customers or to increase prices opportunistically above and beyond the impacts of events in the Middle East,” he wrote.
