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Regulator summons fuel giants over price hikes

Jonathan Barrett

Jonathan Barrett

The consumer watchdog is calling major fuel suppliers and retailers to an emergency meeting today to demand explanations for the recent surge in petrol prices.

Fuel prices have surged in recent weeks and some regional retailers have even run dry, with customers panic-buying petrol over concerns the Middle East conflict will lead to shortages.

Representatives of major fuel suppliers and retailers, including Chevron, BP and Ampol, have been called in to the meeting run by the Australian Competition and Consumer Commission. The treasurer, Jim Chalmers, said:

double quotation markToday the regulator will get a chance to make the retailers and suppliers justify their prices. I’ve made it very clear that if they find evidence of misconduct, we expect the ACCC to throw the book at them.

A notice on a petrol station
Photograph: Jay Kogler/AAP

Petrol prices have started to push past 230c per litre in most state capitals.

Global oil prices have surged by about 40% in March in response to the Middle East conflict and closure of the crucial strait of Hormuz, prompting fears of a breakout in global inflation.

Determining the direct impact of global oil prices on pump prices has historically proven difficult due to the supply chain’s complexity.

Donald Trump has called on regional partners to assist in securing the strait, which is largely controlled by Iran.

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Graham Readfearn

Graham Readfearn

Far north Queensland on cyclone watch

Communities in Far north Queensland have been asked to be on alert with the latest Bureau of Meteorology forecast suggesting a tropical low in the Coral Sea could become a cyclone as early as tomorrow evening.

The timing of a likely declaration has shifted with tropical low 34U now being given a high chance of becoming a cyclone – which will be called Narelle if it eventuates – earlier than was forecast yesterday.

Current weather models suggest a landfall somewhere north of Cooktown late on Thursday or on Friday morning when the system is expected to track west over the Gulf of Carpentaria.

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