The Australian Competition and Consumer Commission (ACCC) has issued a warning to major fuel companies that it has stepped up its examination of international and domestic fuel price movements and market behaviour.
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“The ACCC will not hesitate to take action if representations and market behaviour by a petrol company contravene competition and consumer laws,” the ACCC’s commissioner, Anna Brakey, announced.
“We have written to major fuel companies to set out our expectations about domestic fuel pricing as these international events unfold.”
In February, the Federal Court ordered Mobil Oil Australia to pay $16 million in penalties for making false or misleading representations about the fuel sold at nine petrol stations in north and central Queensland, in breach of the Australian Consumer Law.
“The international price of refined petrol is a key driver of Australian retail petrol prices. While these international costs are largely outside the control of local petrol retailers, we remind retailers that making false or misleading statements to consumers about the reasons of price increases would be in breach of the Australian Consumer Law,” Ms Brakey said.
“At this time, as at any time, we encourage motorists to use fuel price apps and websites to shop around to find the lowest prices.”
In early January CY26, crude oil prices spiked, influenced by geopolitical developments in Venezuela and Iran, before easing by mid-January. The movements in January had minimal influence on Mogas 95 prices movements.
Over the last week, international crude oil and Mogas 95 prices have increased sharply, influenced by the Middle East conflict.
Singapore Mogas 95 unleaded is the relevant international benchmark for the wholesale price of petrol in Australia.
Meanwhile, motoring industry body NRMA has warned the average price of regular unleaded in Sydney, Melbourne, and Brisbane has far exceeded the fuel price expected at the top of their price cycles.
“Yet again, the price cycles in Sydney, Brisbane and Melbourne have left families in those cities worse off, and oil companies are using the Middle East crisis as an excuse to jack up margins,” NRMA spokesman Peter Khoury said, adding the prices were completely unjustifiable.
“This must stop immediately. Australians are doing it tough with cost-of-living… now is not the time to be ripping the community off. We urge the ACCC to act,” he said. Mr Khoury also went on to urge Australian motorists to resist by seeking out those stations that continue to do the right thing.
Meanwhile, Victoria has initiated anti-price-gouging laws. The new laws mean fuel retailers must set a daily cap on fuel prices and publish the price in advance.
Premier Jacinta Allan declared that under this scheme, you can find the best deal tonight and know the price won’t jump tomorrow. “How often do you see a cheap price in the morning, only for it to jump by the afternoon?”
“We’re stopping families from getting ripped off at the servo and helping them save hundreds a year,” the Premier declared.
Since its launch last October on the Service Victoria app, it is estimated that more than 265,000 Victorians have used it. “From today, we’re supercharging these savings, with the daily fuel price cap now law,” the Premier said.
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