Australian petrol retailers are facing accusations of price-gouging as high oil prices drag down the ASX and motorists contend with soaring costs at the bowser, ABC News reports.
The allegations come as global oil prices surge amid supply disruptions from the Middle East conflict and China's recent export ban on refined fuels. Australian consumers are bearing the brunt, with retail petrol prices climbing faster than wholesale costs would justify, according to industry watchdogs.
The Australian Competition and Consumer Commission has signaled it's monitoring retail margins closely, though no formal investigation has been announced. Consumer advocates argue that major fuel retailers are exploiting the crisis to pad profits while Australians struggle with cost-of-living pressures.
"The maths doesn't add up," one industry analyst told ABC. "We're seeing retail prices jump 15-20 cents per litre in areas where wholesale costs have only increased by 8-10 cents. Someone's making money here, and it's not the consumer."
The ASX energy sector fell in trading as investors worried about demand destruction from high fuel prices. Major retailers including Coles and Woolworths—which operate significant fuel retail networks through their partnerships—saw share prices dip on the allegations.
Mate, Australians are getting fleeced at the pump while retailers cry about global oil prices. It's the oldest trick in the book.
Online commentators were scathing. "Every time oil prices go up, petrol goes up overnight. Every time oil prices fall, it takes weeks for petrol to drop. Funny how that works," one social media user wrote. Another added: "Price gouging during a crisis should be illegal. This is corporate profiteering, plain and simple."
The fuel crisis compounds Australia's broader energy security challenges, with the nation heavily reliant on imported refined fuels following the closure of most domestic refineries over the past decade. With China now restricting exports and supplies disrupted, Australians face the dual threat of high prices and potential shortages.
