Australia’s Energy Minister Chris Bowen has warned fuel retailers against “dangerous” price gouging as petrol prices surge due to panic buying triggered by the conflict in the Middle East.
To increase supply, the government announced a 20 percent reduction in the country’s Minimum Stockholding Obligation for petrol and diesel. The move could release up to 762 million liters of fuel from Australia’s domestic reserves to ease shortages in affected regions.
Bowen urged citizens to avoid panic purchasing and buy only the fuel they need, stressing that selling fuel at inflated prices is “un-Australian” and harmful to the public.
Authorities in the state of New South Wales have also reported rising fuel theft, including the disappearance of 800 liters of diesel from a rural farm. Police warned residents to remain alert to unfamiliar vehicles in their communities.
Despite the price surge, the government says Australia’s fuel supply remains secure. Officials have also temporarily relaxed fuel quality standards, allowing higher sulphur levels to add around 100 million liters to domestic fuel supplies.
Global oil prices recently climbed above $100 per barrel following tensions in the Middle East and disruptions around the Strait of Hormuz.
