Defence Minister Richard Marles has declined to rule out the possibility of fuel rationing in Australia, as the ongoing conflict in Iran enters its third week and places increasing strain on global oil markets. When questioned about whether the government was considering such measures if the crisis persists, Marles stated it was not an option he could dismiss outright.
Government Response to Supply Concerns
Marles explained that the decision would depend on the duration of the conflict, emphasising that the government is actively taking steps to bolster domestic fuel supplies. In an interview with the ABC on Tuesday morning, he highlighted recent actions taken over the weekend to enhance availability.
Strengthening Domestic Fuel Stocks
'We have taken steps to put more fuel supply into the system over the course of the weekend, where we released 20 per cent of the stock holdings that are kept in Australia, and that will see around 716 million litres of extra fuel go into the system,' Marles said. He described this as a significant amount aimed at stabilising the market.
Marles reiterated a clear message to Australians, urging them not to engage in panic buying and assuring that supply levels remain steady across the country. 'Right now, our message to Australians is to just keep going on as you normally would,' he stated. 'As we speak, the same amount of ships that are coming in and supplying Australia are doing that.'
Regulatory Action on Price Gouging
In response to concerns over price gouging, the Australian Competition and Consumer Commission (ACCC) is set to convene an emergency meeting with major fuel suppliers and retailers on Monday. Treasurer Jim Chalmers has issued a warning to the industry, demanding justification for the sharp surge in petrol prices following the outbreak of war in Iran.
Government's Stance on Misconduct
'Today the regulator will get a chance to make the retailers and suppliers justify their prices,' Chalmers said on Tuesday ahead of the meeting. 'I've made it very clear that if they find evidence of misconduct, we expect the ACCC to throw the book at them.' This underscores the government's commitment to protecting consumers from unfair practices during the crisis.
The situation remains fluid, with Marles emphasising that the potential for fuel rationing hinges on how long the conflict in Iran continues. The government continues to monitor developments closely while implementing measures to ensure fuel availability and market fairness.
