Dodgy fuel retailers to face beefed up ‘compliance blitz’ at multiple levels amid price gouging fears

Fuel retailers will face a “compliance blitz” from both State and Federal levels amid widespread concerns over price gouging in the wake of the US-Israel-Iran conflict.

NSW Premier Chris Minns has been the latest leader to put dodgy fuel retailers on notice as he vowed the state would beef up compliance checks.

The state has “doubled” its number of inspectors after reports some retailers had unnecessarily lifted prices almost as high as $3 per litre.

Ahead of an urgent fuel roundtable on Monday with key stakeholders, Mr Minns told a press conference that while panic buying was clearly occurring, retailers shouldn’t be unfairly capitalising.

“We’ll also be bringing forward compliance checks for fuel checks,” he said.

“Which is a compliance blitz for fuel checks run by New South Wales Fair Trading to ensure that there is appropriate and legal distribution of petrol at the retail level.

“That enforcement … will be brought forward a week with double the number of inspectors across New South Wales.

“I want to make it clear that, as it stands today, we have the supplies on shore to deal with our energy needs, and we are just asking consumers, motorists across the state to be responsible with fuel buying.”

It comes after similar roundtables and regulatory pressure from South Australian Premier Peter Malinauskas and WA Premier Roger Cook.

The Albanese Government has given the Australian Competition and Consumer Commission added powers to slap retailers unjustifiably hiking fees with fines of up to $100 million.

The ACCC has also beefed up its monitoring of unusual price spikes and has begun providing weekly updates.

Soaring fuel prices and a surge in consumer demand has ignited a political stoush, with both Labor and the Coalition aggressively defending their track records.

The Coalition has been scathing of the Albanese Government’s handling of the issue, insisting energy Minister Chris Bowen has “gaslit” the Australian public amid their anxiety over fuel.

Liberal frontbencher James Paterson said anxious Australians were entitled to ask questions about the nation’s fuel supply and shouldn’t be gaslighted by Labor.

“They’re frustrated with their government, who on Monday last week was basically gaslighting them, saying there were no problems.

“Chris Bowen started the week by saying this is right-wing scaremongering and misinformation. “And he ended the week by saying it was a national crisis.”

Even independent Queensland MP Bob Katter joined in the political spat on Monday, penning a letter to the PM urging him to immediately halve the fuel excise tax.

He said emergency relief was needed for the nation’s freight industry and primary producers crippled from record price pressures.

Opposition leader Angus Taylor and his shadow energy minister Dan Tehan insisted it was time Prime Minister Anthony Albanese stepped in and showed leadership on the issue, accusing Mr Bowen of “failing” in his portfolio.

Both have called for Australia’s agriculture and trucking industries to be prioritised by fuel wholesalers as concerns grow that the upcoming crop seeding period and general consumer supply chain will be dramatically disrupted.

“Chris Bowen simply just isn’t up to the job,” Mr Tehan said.

“It’s beyond Chris Bowen, and what we now need to hear is from the Prime Minister, and he absolutely now needs to start taking control of this issue.”

Mr Tehan also raised concerns over the viability of international fuel agreements touted by Mr Bowen last week, questioning if these contracted shipments would arrive as global partners sought to secure their own energy supply.

It comes as the Strait of Hormuz remains paralysed by increased Iranian strikes on oil tankers, with about 1000 vessels stalled in the world’s most critical oil choke-point.

However, several Labor figures have placarded concerns by insisting that Australia has adequate domestic supplies.

Transport Minister Catherine King said Australia was “obviously well placed” but acknowledged community concern.

Mr Bowen had late last week moved to unlock up to 762 million litres of petrol and diesel from emergency reserves to meet regional demand to help ease chokepoints, particularly in regional communities.

The government has also temporarily relaxed sulfur fuel standards for 60 days to allow an extra 100 million litres of fuel to stay in the domestic market rather than the supply being exported to be blended.

The redirected supply will be prioritised in the regions where there are shortages.

“We’ve been obviously conscious for a long period of time that fuel security is a significant issue for Australia,” Ms King said.

“Given how reliant we are on overseas markets and the volatility of the global world has obviously had our attention for some time in relation to this.

“It’s why we did introduce the minimum stock holding obligation, and that means that those fuel supplies are held here in Australia, and they are holding us in good stead.”

Environment Minister Murray Watt also defended the government’s response to fuel shortages on Sunrise, saying Australia had stockpiled billions of litres of fuel and had been “working around the clock”.

“We now have 37 days’ reserve of petrol and 30 days’ reserve of diesel,” he said.

Ms King added that she was speaking with her department “on a daily basis” over jet fuel amid concerns major Australian supplier China had tightened its exports on it since the start of the war.

Air New Zealand has already cut more than 1000 flights from its service due to fuel pricing and supply issues.

“I’m speaking on almost daily, and my Department on a daily basis with the aviation industry, and particularly to Qantas and Virgin,” she said.

“They’re again, well-placed to withstand what is occurring globally.”