Petrol prices in Australia are skyrocketing, with long queues at fuel stations amid the ongoing Middle East war. Retailers are being accused of exploiting people's fears, as economists predict a 40-cent per litre increase in the coming weeks due to the conflict disrupting oil supplies. In Perth, thousands of drivers lined up to fill up, taking advantage of the cheapest day of the week. Fuel prices are now soaring, surpassing $2 per litre, far above the daily average and February's average. Western Australia's Premier, Roger Cook, urged fuel companies to refrain from raising prices due to panic, emphasizing the availability of sustainable fuel supplies. Queensland's motoring body threatened to report major retailers to the ACCC for 'unconscionable conduct' after price hikes just days into the conflict. RACQ's Ian Jeffreys labeled the increases an 'unjustified' cash grab, citing concerns about motorists' exploitation during heightened anxiety. Over 210 stations in South East Queensland raised prices to 219.9 cents per litre in the past 24 hours, despite expected lows in the price cycle. Sydney, Brisbane, and Melbourne are also experiencing manipulated prices, with half of the stations at or above $2.17 in Sydney and similar in the other cities. Insurer NRMA's Peter Khoury accused oil companies of unjustified price hikes, calling for an end to this behavior. Motor Trade Association's Neil Le Febvre warned that increased costs for freight trucks will likely be passed on to consumers. Tensions were reported at a fuel station in Bunbury, with a customer filling 10 jerry cans while cars queued behind. Panic buying is risky and unnecessary, according to the Australasian Convenience and Petroleum Marketers Association, as most Australian oil comes from Singapore, not the Middle East. Energy Minister Chris Bowen assured that Australia is well-prepared for potential petrol supply issues, with companies confident about oil supplies until May. Bowen emphasized the need to avoid panic, as the ACCC will closely monitor prices. Farmers in regional Australia are concerned about the fuel spike ahead of the winter sowing season, highlighting the industry's vulnerability to global supply chain disruptions.
