The Hon Jim Chalmers MP, Treasurer
The Hon Chris Bowen MP, Minister for Climate Change and Energy
The Hon Dr Andrew Leigh MP, Assistant Minister for Productivity, Competition, Charities and Treasury
The Albanese Government is taking action to help consumers get a fair go at the petrol pump, with more scrutiny and surveillance of the fuel sector, bigger penalties for misconduct, and action to shore up fuel supply.
The conflict overseas shouldn't be an excuse to profit off Australians.
We're putting petrol companies on notice. We won't cop big corporates treating Australian consumers like mugs.
This is all about getting fairer petrol prices for Australian motorists and more fuel supply at servos, particularly in regional areas.
We will:
- Double penalties for false or misleading conduct and cartel behaviour (to a maximum of $100 million per offence), across the economy.
- Task the ACCC to ramp up fuel price monitoring, reporting weekly, with a focus on unusual price spikes.
- Work with industry to increase fuel supply to service stations, including by helping the fuel sector secure ACCC authorisation to coordinate supply and unlock bottlenecks.
These measures are in addition to the substantial action we're already taking on fuel prices.
- We wrote to the ACCC last week asking them to ensure motorists aren't being taken for mugs, and they've issued their own statement to retailers.
- We had already increased penalties to up to $50 million - five times higher than what they were - and we've given the ACCC more tools, like extending petrol price monitoring powers and the ability to issue on the spot fines.
- And we are convening relevant forums, including the National Coordination Mechanism to respond to emerging supply chain issues, the Trusted Information Sharing Network, and the National Oil Supplies Emergency Committee.
The recent conflict in the Middle East has compounded uncertainty in the global economy and led to significant volatility in oil and petrol prices.
Just in the last three days, we have seen global oil prices jump to almost $120 per barrel, fall back to $80 per barrel this morning, then rise above $90 per barrel in a matter of hours. It was around $60 at the start of the year.
We're not immune from uncertainty and volatility in the global economy, but these measures are about ensuring petrol suppliers are doing the right thing and ensuring the minority of bad actors can't hurt regional Australians or farmers.
Petrol companies are telling us that their fuel stock continues to arrive in Australia on time, in the quantities they expect. We have the supply coming into the country we need.
We are not experiencing a fuel shortage but rather localised disruption due to significant spikes in demand.
Despite global price volatility, Australia's fuel supply remains secure.
Industry must act in the national interest and their cooperation is critical to keeping Australian transport moving and farmers producing.
The Albanese Labor Government's highest economic priorities this year are addressing inflation, productivity and global uncertainty, and our work on fairer petrol prices and stronger supply chains is an important part of our efforts.
