In brief:
- Australian drivers are turning to EVs as petrol prices surge.
- Others are finding alternative means of transport to avoid the bowser.
United States-led attacks on Iran and their subsequent impact on oil prices have turbocharged Australian demand for electric vehicles.
Loans for EVs have doubled during March after the attacks began on 28 February, as Australians seek to dodge soaring petrol and diesel prices, data from National Australia Bank shows.
Finance enquiries from businesses for EVs are up 88 per cent.
"Australian business owners are practical," NAB business banking executive Shane Ditcham said.
"When conditions shift, they pivot."
Unleaded petrol and diesel prices have soared in March, after the attacks on Iran prompted the Islamic republic to effectively close the Strait of Hormuz, a choke-point for a fifth of global oil supply.
Unleaded petrol prices have jumped between 61 and 92 per cent in Australian capital cities since 20 February, while the cost of diesel has more than doubled, according to Australian Consumer and Competition Commission data.
Asia sources more than half its oil from the Middle East, and Australia, with only two refineries in operation nationally, imports more than half its refined fuel from Asian trading partners, including Singapore, South Korea and Malaysia.
With both Iran and the US seemingly gridlocked and with very different demands to achieve any potential ceasefire, local small businesses and larger operations were looking to future-proof their margins.
"For many businesses, this is about cost certainty and resilience," Ditcham said.
"For businesses where vehicles come back to the same place each night, especially, EVs can make sense because energy costs are more predictable.
"That can be a real advantage when margins are under pressure."
Charging activity also surged in March, according to Doug McNamee, CEO at fast-charging network JOLT.
"We have seen a dramatic increase in charging usage over the last three weeks compared with the same period last year," McNamee said.
"New sign-ups are up over 30 per cent on the month prior."
Meanwhile, drivers of combustion-engine vehicles were changing their behaviour to soften the blow from sky-high fuel prices, with more than half of Australian petrol and diesel vehicle drivers cutting back on driving in March, according to a NRMA survey.
"Australians are cutting back on or adapting the way they are using the family car and prioritising their trips will go a long way to helping," NRMA spokesman Peter Khoury said.
The survey of 1800 NRMA members found that around one in eight were walking or taking public transport more often due to surging fuel prices.
Fuel shortages at service stations also appeared to be stabilising, the insurance provider said.
"The crucial message about not panic buying or hoarding fuel is getting through," Khoury said.
On Thursday, federal Energy Minister Chris Bowen told parliament six cancelled fuel ships bound for Australia had been replaced with alternative supplies.
At least 332 service stations nationwide had no diesel, while 177 had run out of unleaded petrol.
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