Australia tells consumers no need to panic buy petrol over Iran war as stocks high

Fuel Supply and Consumer Assurance - Australian Energy Minister Chris Bowen reassured consumers that there is no need to panic buy petrol, stating that the country has sufficient fuel reserves, including 36 days of petrol, 34 days of diesel, and 32 days of jet fuel, the highest levels in over a decade [2] - Bowen emphasized that there is no immediate threat to petrol supplies in Australia despite rising oil prices due to geopolitical tensions, particularly the U.S.-Israeli conflict with Iran [2][3] Price Regulation and Consumer Protection - Bowen indicated that while petrol prices may face upward pressure from oil price spikes, regulators are prepared to take action against price gouging by fuel retailers [3] - Treasurer Jim Chalmers has contacted the consumer watchdog to ensure that fuel retailers do not exploit the situation in the Middle East to increase prices unfairly [3]