image sourced from original article at Australia's energy minister has warned fuel retailers against 'dangerous' price gouging as petrol prices surge בעקבות panic buying linked to the war in the Middle East. The country, which relies heavily on imported oil, has experienced sharp price increases amid fears of supply disruptions.
To ease pressure on the market, the government will reduce the minimum fuel stockholding requirement for petrol and diesel by 20 percent. This move will allow up to 762 million litres of fuel to be released from domestic reserves, though officials cautioned that it will take time for supplies to reach affected regional areas.
The government has urged Australians to purchase only the fuel they need and no more, stressing that the national supply remains secure. Authorities have also reported a rise in fuel theft in rural communities as prices climb, while temporary changes to fuel quality standards are expected to release an additional 100 million litres into the market.
Global oil prices have climbed above 100 dollars per barrel following attacks on shipping in the Strait of Hormuz, escalating tensions tied to military strikes involving Iran and the United States and Israel.
