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How will Australia manage energy resources amid war?
Amid uncertainty over length of the war in the Middle East, experts are concerned about the impact on the world's oil and gas supplies.
Australia is not immune to those shocks and AM speaks to the Federal Resources Minister about how to protect Australians' energy supplies.
Rachel Mealey: Well, the ongoing attacks on Iran and the ever-expanding retaliatory attacks have had a major impact on the world's seaborne crude oil supply, sending energy prices soaring. For motorists in Australia, this means the price of fuel will keep climbing at the pump. Madeleine King is the Resources Minister. She joined me earlier. Minister, Australia's oil and gas supplies are going to be hit hard by this war. Exactly how much do we have in reserve?
'This fuel price rise will pinch us': Canberra petrol prices touch $1.99 per litre
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The price of petrol in Canberra has jumped by nearly eight cents a litre in the past week, with some stations hitting the $2 mark following recent military strikes in the Middle East.
On February 26, before the Israeli-US attack on Iran, the average price for a litre of unleaded was $1.81, according to the NRMA. By March 5, the motoring organisation reported the average had climbed to $1.88.
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Australian petrol retailers accused of price gouging over rising fuel costs amid Iran war
Motoring groups accuse retailers of using conflict as an excuse to lift prices as Jim Chalmers asks ACCC to keep watch
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Sydney motorists are paying up to 25 cents more for a litre of petrol now than they were before the start of the US-Israel war on Iran, as motoring groups accuse retailers of using the conflict as an excuse to gouge their customers.
After Jim Chalmers instructed the Australian Competition and Consumer Commission to keep an eye out for profiteering behaviour, a spokesperson for the watchdog said it had “observed average retail regular unleaded petrol prices in several cities moving higher over the last few days”.
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