The probe follows reports concerning diesel availability to independent wholesalers and distributors servicing regional and rural Australia.
In a statement, the Australian Competition and Consumer Commission said the investigation will assess the alleged conduct by companies including Ampol Ltd, BP Australia Pty Ltd, Mobil Oil Australia Pty Ltd, and Viva Energy Australia Pty Ltd.
“The ACCC is closely scrutinising all fuel markets during this period, and we have received reports of alleged anti-competitive behaviour. We are therefore investigating these matters urgently,” ACCC chair Gina Cass-Gottlieb said.
In a rare move, the regulator chose to go public while the investigation is still in its early stages.
“It is not our usual practice to publicly announce investigations, but given the significance of the issue, the ACCC is confirming this enforcement investigation,” Ms Cass-Gottlieb said.
“We recognise the widespread concerns held by consumers, businesses and farmers about fuel pricing and supply issues arising during the Middle Eastern conflict.”
The ACCC probe comes as the Prime Minister announced a new fuel tsar – former Australian Energy Regulator boss Anthea Harris to help ease shortages.
She will organise state, territory and commonwealth action on fuel security and act as a central point for forward planning on fuel supply.
“I want to assure Australians at this time that Australia is well-prepared,” he said.
“Our fuel supply is currently secure, however I want to be overprepared. I understand there are Australians in some parts of our nation that are really worried as they watch what is unfolding in the Middle East, and that is understandable.
“Today, the national cabinet acknowledged that the longer the conflict in the Middle East goes, the more significant the impact will be for global supply chains, fuel prices and the wider economy. It is also understood by Australians that this is a global issue we are dealing with.”
Ms Cass-Gottlieb said the ACCC was monitoring not just pricing but the full spectrum of market conduct, including supply chains and distribution practices.
“It is important that fuel market participants and the community know that we are closely watching market conduct in relation to all fuels and we will not hesitate to act swiftly to enforce Australia’s competition and consumer laws,” she said.
However, she stressed the investigation remains at a preliminary stage.
“Our investigation is at a preliminary stage, and therefore we are yet to form a view about these matters.”
The ACCC’s intervention comes amid a broader fuel crisis triggered by the conflict in the Middle East.
Prime Minister Anthony Albanese has moved to calm fears, calling an emergency national cabinet meeting and urging motorists to curb panic buying, which he says is exacerbating shortages in some areas.
“There is not less fuel in Australia today than there was three weeks ago,” Mr Albanese said.
“Every single ship that was due to land here has landed here. There is not less supply. This is an issue, has been an issue of increased demand. So you can have both things.”
Despite those assurances, scenes of empty bowsers and long queues have emerged in parts of regional Australia, as demand in some locations has surged well beyond normal levels.
Earlier this week, he also called for calm.
“There has been, in some places, a doubling of demand that shouldn’t occur,” Mr Albanese said.
He warned that consumer behaviour was placing unnecessary strain on the system.
“My message to Australians as well is to not take more fuel than you need,” he said.
“That is how you can help think of others, be a good neighbour, a good community member and a good Australian.”
In some of his strongest language to date, the Prime Minister said panic buying was both unhelpful and un-Australian.
“It’s not the Australian way. Just take what you need, be sensible.”
The federal government has already taken steps to ease pressure on supplies, including releasing 20 per cent of the nation’s fuel reserves and prioritising distribution to regional areas.
At the same time, it has sharpened its focus on pricing behaviour, putting fuel retailers on notice that any attempt to exploit the situation will be met with regulatory action.
“My message to service stations which are overcharging is that the ACCC will take action against any inappropriate behaviour,” Mr Albanese said.
“There’s no place for any company to try to take advantage of this to increase their profits at the expense of Australians.”
Treasurer Jim Chalmers reinforced that message, saying the government expected the watchdog to act decisively if wrongdoing is identified.
“I’ve made it very clear that if they find evidence of misconduct, we expect the ACCC to throw the book at them,” Dr Chalmers said.
“Some of the steep increases in petrol prices we saw shortly after the outbreak of this conflict have really raised concerns at the ACCC.”
Dr Chalmers said the government had strengthened the regulator’s hand by increasing penalties and boosting oversight.
“This is why we’ve increased surveillance, we’re doubling the penalties and we’ve empowered the consumer watchdog to get to the bottom of what’s going on here,” he said.
Recent data shows sharp increases in both wholesale and retail fuel prices over the past three weeks, with wholesale petrol rising by an average of 42 cents per litre across the capital cities.
Perth recorded the largest increase in petrol prices, up 59.5 cents per litre, while Sydney saw the biggest spike in diesel, rising 67.8 cents per litre.
Extracted in full from: https://www.news.com.au/finance/economy/australian-economy/accc-launches-probe-into-major-fuel-firms-over-supply-allegations/news-story/2484babd3e4487a4e48b0785b10401b9
