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People are being urged not to panic buy petrol, as prices surge amid the Middle East war.
Long queues of cars are lining streets around petrol stations across the country, with warnings the price per litre could rise by 40c in coming weeks.
Authorities say there is a steady supply of fuel in Australia, with fuel companies accused of taking advantage of people's anxieties by hiking prices.
Petrol retailers across the nation are being accused of "unconscionable" behaviour by preying on people's anxieties as fuel prices surge in the midst of the Middle East war.
Economists are warning Australian petrol prices could rise by 40 cents a litre in coming weeks as the conflict in the Middle East escalates, disrupting the flow of crude oil through the Strait of Hormuz.
Experts warn of similarities with 2022, when electricity prices went up by more than 40% due to the Russian invasion of Ukraine
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The US-Israel strikes on Iran risk a repeat of the 2022 energy shock that forced power bills up by more than 40%, sent Australian businesses to the wall and forced governments to spend billions on power bill subsidies.
The stark warning from experts follow news that Qatar, the third-largest liquefied natural gas exporter, had stopped production after Iranian drones on Monday attacked its sprawling Ras Laffan complex.
The decision sent global wholesale gas prices soaring by 50% in Europe and approaching 40% in Asia, reminiscent of the global energy chaos unleashed by Russia’s invasion of Ukraine four years ago.
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Queensland’s peak motoring body has referred petrol retailers to the consumer watchdog over what they think are unfair price hikes in Brisbane that cannot be linked to war in the Middle East.
The RACQ’s Dr Ian Jeffreys said all the major retailers upped their prices out of cycle on Tuesday morning between 9am and 10am.
“Looking at the Brisbane cycle, we should have been at a point when prices were going down,” Jeffreys said.
Instead, prices across the city, led by Ampol and quickly followed by other retailers, went up to as high as $2.19 a litre for standard unleaded.
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