Major fuel retailers asked to meet with ACCC amid price gouging fears
Some of Australia’s biggest fuel retailers, including Ampol, 7-Eleven, and BP, have been hauled into a meeting with the consumer watchdog.
Major fuel suppliers, independent retailers and automotive associations have been hauled into an emergency meeting with the consumer watchdog after prices spiked at the bowser following the war in the Middle East.
“The ACCC are hauling the petrol suppliers and retailers in for an explanation,” federal Treasurer Jim Chalmers said.
“Some of the steep increases in petrol prices we saw shortly after the outbreak of this conflict have really raised concerns at the ACCC.
Sign up to The Nightly's newsletters.
Get the first look at the digital newspaper, curated daily stories and breaking headlines delivered to your inbox.
By continuing you agree to our Terms and Privacy Policy.
“This is why we’ve increased surveillance, we’re doubling the penalties and we’ve empowered the consumer watchdog to get to the bottom of what’s going on here.
“Today the regulator will get a chance to make the retailers and suppliers justify their prices. “I’ve made it very clear that if they find evidence of misconduct, we expect the ACCC to throw the book at them.”
Among those requested to attend are Ampol, the NRMA, BP Australia, and 7-Eleven.
While Australia does not get oil directly from the Middle East and instead largely relies on shipments from Asia, the US-Israel-Iran war has sparked fears of shortages after the conflict sent shockwaves through global supply chains.
Iran’s targeting of the Strait of Hormuz, a critical sea channel and energy chokepoint, has effectively blocked most oil shipments to the world, driving up the cost of oil and subsequently petrol.
The government has insisted Australia’s supply is secure despite reports of skyrocketing prices and shortages at petrol pumps in rural and regional areas.
A crackdown on price gouging was subsequently announced last week.
Those found guilty could face fines of up to $100m per offence.
’National crisis’: Taylor
Opposition Leader Angus Taylor has accused the government of being flat-footed on the fuel supply issues, taking aim specifically at Energy Minister Chris Bowen, who he claimed “absolutely should” take more action.
“Last week, on Tuesday, there was no problem at all. By Thursday, it was a national crisis,” Mr Taylor told the ABC.
“He (Mr Bowen) simply hasn’t been on top of it, and the result is out here in regional areas. We’ve got farmers and truckies and others deeply concerned.
“We’ve got sowing just starting now, for the planting season for our food. And that’s a massive issue to be concerned about or not able to access fuel at this time.”
He rejected Mr Bowen’s argument of petrol prices being reflective of global oil prices set by the market, saying: “Sure … but shortages are not part of that, and there’s a role for the government to play in dealing with shortages.”
Originally published as Major fuel retailers asked to meet with ACCC amid price gouging fears
