Australia's competition watchdog has launched an investigation into major fuel suppliers, including Ampol, BP, Mobil Oil Australia, and Viva Energy, over allegations of anti-competitive conduct. The Australian Competition and Consumer Commission (ACCC) received reports regarding diesel availability to independent wholesalers and distributors in regional and rural areas, according to The Guardian and Reuters. This investigation comes amid widespread concerns from consumers, businesses, and farmers over fuel prices and supply, heightened by the ongoing conflict in the Middle East.
Key Takeaways
Australia's competition watchdog is investigating major fuel suppliers for alleged anti-competitive conduct amid a surge in petrol prices and localised shortages caused by panic buying and the Middle East conflict. Prime Minister Anthony Albanese has urged residents to avoid panic buying, assuring that national fuel supply levels remain stable but acknowledging potential local shortages.\n\n- ACCC investigates Ampol, BP, Mobil, Viva Energy for alleged anti-competitive conduct in diesel availability.\n- Fuel prices have surged 39% in the past month due to increased demand and Middle East conflict.\n- Albanese urges Australians to avoid panic buying and appoints Anthea Harris as head of a national fuel supply taskforce.\n- The Greens propose a 25% levy on gas exporters to capture windfall profits from soaring global prices.
Prime Minister Anthony Albanese has urged Australians to avoid panic buying petrol and diesel, which he said had led to shortages in some rural regions. He stressed that the nation's fuel supply levels remained stable but acknowledged potential local shortages due to a doubling of demand in some areas. Albanese announced additional measures to safeguard fuel supply and appointed Anthea Harris, former boss of the Australian Energy Regulator, as head of a national fuel supply taskforce.
The conflict in the Middle East has driven oil prices higher, with Iran accusing Israel of striking its facilities in the South Pars gas field. This has led to increased demand for fuel in Australia, where about 90% of fuel needs are met through imports. The Reserve Bank of Australia warned that the war poses a material risk to the Australian economy, though domestic banks remain well-positioned to support growth in the event of a significant downturn.
The Greens have urged Prime Minister Albanese and Treasurer Jim Chalmers to implement a 25% levy on gas exporters. This move aims to capture windfall profits from soaring global prices, which could raise $17 billion for the budget. The Greens leader, Larissa Waters, suggested that strikes by Israel on strategic gas fields in Qatar would push up prices worldwide and produce significant financial windfalls for Australian LNG exporters.
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