Australia’s competition watchdog has stepped up scrutiny of fuel retailers as petrol and diesel prices climb sharply, raising concerns about affordability and supply across parts of the country.

The Australian Competition and Consumer Commission (ACCC) confirmed it held an urgent meeting with major fuel suppliers, including Ampol, BP and Chevron, as prices at the bowser continue to rise and availability tightens in some regions.

The meeting comes as average petrol prices have jumped from around $1.80 per litre prior to the Trump administraton’s bombing campaign of Iran to roughly $2.20, while diesel has climbed even higher to about $2.45 per litre.

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ACCC Commissioner Anna Brakey said the regulator had made it clear to fuel companies that pricing behaviour would be closely monitored, particularly given the pressure on households and businesses.

“We urged the fuel companies to be open and honest with consumers about the reasons for their pricing decisions,” Brakey said, noting the ACCC had received increasing complaints from motorists concerned about rapid price increases.

The watchdog has also sought explanations from retailers over the speed and scale of recent price rises, particularly in areas where supply disruptions have been reported.

ACCC Chair Gina Cass-Gottlieb said the regulator would not hesitate to act if evidence of anti-competitive conduct emerged.

“If we find there is conduct that is collusive – for example agreements to set prices or divide up customers – we will investigate it and take action,” she said.

While the ACCC acknowledged that global factors, including volatility in international oil markets, are contributing to rising prices, it has urged retailers to clearly communicate those influences to consumers.

The issue is particularly acute in regional and rural areas, where both supply constraints and higher transport costs can exacerbate price pressures. Farmers and regional businesses are among those most affected, with some reporting difficulties accessing fuel altogether.

Cass-Gottlieb said transparency from suppliers would be critical in maintaining consumer trust during the current period of uncertainty.

The ACCC has indicated it will continue monitoring pricing behaviour in the coming weeks, signalling that further intervention remains possible if concerns around pricing practices or supply issues persist.