Don’t panic: motorists warned against stockpiling fuel

Motorists are being urged to resist storing fuel in their own countries as the Iran war threatens a global fuel shortage.

Australia is considering sending troops to the Middle East to help protect Gulf countries from Iranian drone attacks as conflicts escalate.

Shipping was disrupted by the closure of the Strait of Hormuz, one of the world’s most important oil corridors.

Oil companies have been accused of increasing fuel prices after the average price of unleaded petrol rose above $2 per liter in Sydney, Melbourne and Brisbane.

A major automotive group says fuel is running low at some service stations as Australians buy fuel at higher prices than usual.

“We are also hearing disturbing reports of people trying to stockpile fuel at home, which not only doesn’t make any economic sense but is also extremely dangerous,” NRMA spokesman Peter Khoury told reporters in Sydney.

“Please do not put jerrycans in the garage as this is not safe.

“So we really want Australians to slow down and get back to their normal fuel buying habits and please don’t panic.”

Mr. Khoury urged oil companies not to take advantage of the war in the Middle East to raise prices further than they already have.

He encouraged drivers to do their research, as some service stations sell it for less than $2 a litre.

“Australian motorists… please be patient, don’t refuel unless you have to,” Mr Khoury said.

“We don’t need to see any further increases above and beyond what we’ve seen so far.”

Finance Minister Jim Chalmers has asked the Australian Competition and Consumer Commission to monitor prices as the battle continues.

At the height of the cycles in the three largest cities, the difference between the wholesale and retail price normally runs as high as 50 or 60 cents a liter, Mr. Khoury said.

Australian farmers are warning they are running low on diesel fuel and fear limited oil supplies will have greater consequences on the economy.