In a statement, Federal treasurer Jim Chalmers says the Australian Government will respond to fuel suppliers accused of price gouging and is looking for businesses that are ‘ripping off’ motorists.
As tensions heightened in the Middle East, petrol and diesel prices have reached record highs for Australia since they affect motorists and the transport industry.
The UK and US are also seeing fuel prices rise in other countries, where they have risen to approximately US$4 per gallon (A$5) as well. 83 per gallon, or A$1 in the . Paraphrasing 54 per litre)
But the Australian Competition and Consumer Commission (ACCC) has found that “Australian refined international petrol and diesel benchmark prices have risen more than international oil prices during the first half of the conflict” according to an analysis by The Australian Research and consumer commission.
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During the week ending March 29, 2026, national average petrol prices were $2. From $2 to 53 litres per liter, . Last week, 38 the week before and $2. a month ago, 27 one month after paraphrasing.
Diesel prices averaged $3.10 per litre, up from $2.82 the previous week and $2.58 over the past month.
The largest retail increase was recorded in Perth, which saw a 59.5 cents-per-litre rise between February 20 and March 11.
In response to the spike, the ACCC wrote to petrol retailers such as 7-Eleven, Mobil, BP, Chevron, United Petroleum,Viva Energy and EG Australia for transparency on how price hikes were determined.
It is hard for many consumers to do it, we know, and are frustrated at the rapid changes they have seen. A statement from ACCC Commissioner Anna Brakey said ‘We hope petrol retailers will explain to us and the Australian public how they have arrived at their prices.
They should be open and honest about why such widely varied and rapid increases are occurring across the country, and treat their customers fairly well.’ The statement was a reference to ‘Fuel companies’ in response to this question “The most important thing is that they have been very much more than one person who has ever had an opportunity to speak out publicly on behalf of his company or other business partners at all times”.
“We urge petrol retailers to explain their positions to the Australian community.”
In Parliament after today’s announcement of measures to combat rising fuel costs and preventing supply shortages, Mr Chalmers said the government would not tolerate price gouging.
We’re following some of that gouging… when we came to office, the penalties were increased and the ACCC issued on-the-spot fines.’ He said.
The federal government also announced it will halve the fuel excise on petrol for three months from April 1, 2026.
The current excise of 52.6 cents per litre will be reduced to 26.3cpl, lowering the cost of filling a 55-litre tank in Australia’s most popular passenger vehicle, the Toyota RAV4, by around $14.47.
The road user charge for cars over 4 is. During the same three months, 5 tonnes GVM will also be reduced to half for this effort in an attempt to reduce transport costs and ease cost-of living pressures across the wider economy.
Mr Chalmers was asked how the government could ensure fuel retailers pass on these savings at the bowser.
Similarly, he said that strengthened ACCC powers mean ‘they can be like a ton of bricks on anyone doing the wrong thing’.
Chris Bowen, the federal minister for Climate Change and Energy said Australia has about 39 days’ worth of petrol and 30 days of diesel in reserve amidst the wider fuel crisis, noting fuel imports are arriving at ‘record levels’.
While they remain stable, these figures are far less than the International Energy Agency (IEA) requirement for member countries – including Australia – to have at least 90 days of net fuel imports.
Fuel excise cut by Australian Government as petrol and diesel prices surge amid fuel crisis
Thanks for reading Record fuel prices spark gouging probe as government threatens crackdown
