Amid the escalating conflict in the Middle East, Energy Minister Chris Bowen is urging motorists not to panic-buy petrol as oil prices surge. Bowen reassures that Australia has a secure fuel supply, with reserves lasting until May, despite the country's low stock levels compared to international standards. Bowen's statement comes as Treasurer Jim Chalmers takes action against potential price gouging, writing to the Australian Competition and Consumer Commission (ACCC) to monitor and prevent any opportunistic price increases. The recent spike in oil prices, influenced by the US-Israel attack on Iran, has led to long lines at petrol stations in major cities. Bowen emphasizes that there's no need for panic-buying, as the situation could worsen. However, he acknowledges the challenges posed by the Strait of Hormuz, a critical global supply chain. Australia's low stock levels, with only 36 days of petrol supply, have raised concerns. Bowen assures that refiners have contracts in place, but the impact of oil prices on petrol prices remains a concern. Chalmers' letter to the ACCC highlights the need to protect consumers from price gouging, urging the watchdog to take action against any misrepresentations or anti-competitive conduct in petrol markets. The situation in the Middle East, with Iran's Islamic Revolutionary Guard Corps warning ships, has caused global oil prices to jump 10% this week, reaching nearly $80 a barrel. As a result, petrol prices in Australia are expected to rise, but Bowen remains confident in the country's supply situation.
