Fuel stations and suppliers which unfairly raise prices will be hit with fines of up to $100 million under new laws which passed parliament today.
Fuel stations and suppliers which unfairly raise prices will be hit with fines of up to $100 million under new laws which passed parliament today.
The Treasury Laws Amendment (Doubling Penalties for ACCC Encforcement) Bill 2026 passed the Senate today, outlawing false representations on price increases, cartel behaviour and price fixing.
It also made it illegal for supplier to refuse to sell to independent service stations and retailers.
Under the changes introduced, the penalty for such offences were doubled from $50 million to $100 million.
Greens senator Elizabeth Watson-Brown attempted to move an amendment which noted "price gouging was not banned under Australian law except for supermarkets; that the bill would do nothing to stop fuel corporations from price gouging because it only increases penalties on existing offences; and claims the bill would stop fuel price gouging were misleading".
A second part of the late amendment called on the government to stop backing "President Trump and Prime Minister Netanyahu's illegal war on Iran; and extend the supermarket price gouging ban across the entire economy."
Both amendments were rejected.
The new legislation, Treasurer Jim Chalmers said, would help tackle price gouging at its source.
"Our message to petrol retailers has been very clear: you are on notice,'' he said.
"Do not use this conflict to take advantage of Australians."
It comes as today, the Chamber of Commerce and Industry WA released polling of more than 430 businesses across every sector, with 82 per cent experiencing an increase in supplier costs as a result of the Iran conflict.
Almost half (45 per cent) said they had been directly affected by fuel shortages, while just under one in three (31 per cent) described the impact on their business as "significant" or "severe".
To combat persisting shortages of of diesel, standards have been lowered to help suppliers bring more fuel into the country.
Energy Minister Chris Bowen on Tuesday announced a six-month adjustment to lower the "flashpoint" for diesel from 61.5C to 60.5C, increasing diesel supply options from refiners and international sources.
Commonwealth, state and territory leaders will meet next week for another national cabinet meeting on the shortages, where they will be briefed by Australia's new fuel chief.
Six oil tankers had their voyages either cancelled or delayed because of the Middle East war, Mr Bowen announced on Sunday.
In parliament on Wednesday, he confirmed all six had been replaced, with an additional three vessels on the way.
Mr Bowen has ruled out a plan to limit the amount drivers can spend at the bowser as a way of rationing fuel.
A total of 474 service stations around Australia were without at least one grade of fuel as of Wednesday afternoon, Mr Bowen said.
