In brief
- The government has announced a new fuel taskforce to ensure fuel is distributed across the nation.
- The consumer watchdog will investigate fuel suppliers including Ampol, BP, Mobil Oil and Viva Energy.
A new taskforce has been established to ensure the supply of fuel across the nation, Anthony Albanese has revealed, as the consumer watchdog investigates allegations of anti-competitive conduct by fuel suppliers.
National Cabinet virtually convened on Thursday morning, with the prime minister and state and territory leaders discussing fuel shortages and price fluctuations driven by the war in the Middle East.
Fuel prices have soared and there have been reports of Australians stockpiling after the war broke out in late February, after the United States and Israel launched strikes on Iran.
Prime Minister Anthony Albanese has been under the pump to respond to fears in the community, announcing a new taskforce to respond to the issue.
"Our fuel supply is currently secure. However, I want us to be over-prepared," Albanese said on Thursday.
Albanese announced the new taskforce will be led by Anthea Harris.
Harris has extensive knowledge in the area, given her previous roles as CEO of the Australian Energy Regulator and the former chief executive officer of the Energy Security Board.
She will be responsible for leading the taskforce, driving coordination between states and the Commonwealth governments and providing updates on fuel supply outlook.
The federal government and motoring groups have been urging Australians not to panic-buy fuel.
Albanese reiterated on Thursday: "Please do not take more fuel than you need. That is how you can help."
He said "every single ship" carrying oil products "that was due to land here has landed here".
"There is not less supply," Albanese said. "This has been an issue of increased demand."
Albanese said more measures to prepare for supply chain challenges could be anticipated in the coming days and weeks.
It follows an announcement last week that 20 per cent of Australia's stock of diesel and petrol reserves would be released to meet localised shortages, particularly in regional areas.
The government's release of emergency reserves, following the International Energy Agency's recent request, equates to roughly six days of petrol and five days of diesel.
Energy Minister Chris Bowen has also temporarily relaxed the nation's fuel standards to higher sulphur levels, resulting in an additional 100 million litres per month for domestic consumers, as it's blended with other fuels.
ACCC launches investigation
On Thursday, the Australian Competition and Consumer Commission (ACCC) said it had launched a probe into petrol and diesel prices after rises that outstripped international increases.
The consumer watchdog will investigate allegations of price gouging by major fuel suppliers Ampol, BP, Mobil Oil and Viva Energy.
ACCC vhair Gina Cass-Gottlieb revealed this will include assessing reports of misconduct by regional and rural fuel suppliers.
"It is not our usual practice to publicly announce investigations, but given the significance of the issue, the ACCC is confirming this enforcement investigation," she said in a statement on Thursday.
"We recognise the widespread concerns held by consumers, businesses and farmers about fuel pricing and supply issues arising during the Middle Eastern conflict."
The consumer watchdog's investigation was at a "preliminary stage", Cass-Gottlieb said, and it was "yet to form a view about these matters".
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