Chris Bowen, Australia’s Energy Minister, has expressed concerns over the recent panic buying of petrol in response to global oil price surges. Following an emergency meeting with major fuel suppliers and the Australian Competition and Consumer Commission (ACCC), he noted that while petrol prices have increased significantly—up to 40%—due to the ongoing conflict in the Middle East affecting oil supplies, Australia’s fuel supply is not yet impacted. He emphasized that this kind of behavior is 'un-Australian' and detrimental to the economic stability of the fuel market.

The backdrop to Bowen's comments includes a sharp rise in global oil prices linked to heightened tensions in the Middle East and the pivotal closure of the Strait of Hormuz, a key shipping route. The government is particularly concerned about potential price gouging by retailers as panic buying leads to fuel shortages in some regional areas, prompting calls for transparency regarding pricing practices. The ACCC’s engagement with fuel suppliers indicates a proactive approach to managing fuel supply issues and consumer panic.

Bowen assured the public that fuel shipments continue to arrive in Australia, but he cautioned against the impact of prolonged conflict on supply lines. The government's messaging aims to stabilize the market, prevent unnecessary shortages, and encourage rational consumer behavior rather than impulsive buying that could worsen the situation.