In what feels like a COVID-19 toilet paper crisis throwback, Australian Prime Minister Anthony Albanese has urged Aussies not to panic-buy petrol as it could add unnecessary pressure on current supplies.
Speaking to reporters in Tasmania on Wednesday, Albanese slammed Aussies who’ve begun to hoard petrol, stating, “It’s not the Australian way”.
“My message to Australians as well is to not take more fuel than you need,” he said, per news.com.au.
“That is how you can help think of others, be a good neighbour, a good community member and a good Australian.”
Alongside his nationwide warning, the PM assured that there’s “fuel security” in Australia. However, consumers “need to be sensible about these issues”.
“It’s not the Australian way. Just take what you need, be sensible,” he added.
“There has been, in some places, a doubling of demand that shouldn’t occur.”
Anthony Albanese calls out service stations for overcharging for fuel
Alongside his warning to Australians, Albanese also took aim at service stations that are taking advantage of the current situation.
“My message to service stations which are overcharging is that the ACCC will take action against any inappropriate behaviour,” Albo added.
“There’s no place for any company to try to take advantage of this to increase their profits at the expense of Australians.
“Well, we’ve doubled the potential fines, and we’ve empowered the ACCC to do that, to make sure that consumers’ interests are looked after, and will continue to do so.”
He reassured Australia’s fuel security a second time, adding that “fuel is arriving as expected”.
Why are people panic-buying petrol?
The ongoing conflict involving the US, Israel and Iran has officially hit shipping lanes, impacting the importation of liquid fuel, with Australia reportedly importing 90 per cent of its liquid fuels.
Last week, economists warned that a spike in oil linked to the conflict could potentially add 40 cents a litre to petrol, leading to an extra 24 dollars to fill a 60-litre tank.
However, NRMA spokesman Peter Khoury told reporters that Aussies shouldn’t panic right now as the impact will not be immediate.
“If the conflict escalates, or if Iran succeeds in doing a lot of sustained damage to oil production in Arab states on the other side of the Gulf, then it’s possible that fuel prices could go to $2.20 or even higher, but it’s a bit of a leap at this stage,” he said.
Right now, it’s uncertain how long the conflict and fears surrounding fuel will last, with US President Donald Trump giving mixed answers on how long the war could last.
Per the Australian Financial Review, Albanese will hold a meeting of the national cabinet this Thursday, with the publication reporting that he’s expected to consider the appointment of a new supply chain tsar to help with fuel prices and supply, especially in regional areas.
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