The Australian Competition and Consumer Commission (ACCC) held an emergency meeting in Sydney and Melbourne to address the rapid price spikes and supply issues affecting fuel in Australia. The meeting included major fuel companies, wholesalers, and retailers, who were questioned about the recent price hikes and their correlation with international crude oil prices.

ACCC Chair Gina Cass-Gottlieb emphasized the authority's vigilance in monitoring the fuel market, particularly in light of the current Middle Eastern conflict. She warned companies against any collusive or anti-competitive behavior, as well as misleading conduct regarding pricing.

During the discussions, the ACCC gathered crucial information about the fuel supply chain and the volatility of international pricing, which will be closely scrutinized. The meeting also focused on regional supply issues, with the ACCC expressing its readiness to use its authorisation powers to facilitate effective fuel distribution across the country.

Concerns were raised about the impact of fuel supply disruptions on farmers, businesses, and consumers in regional areas. The ACCC highlighted the importance of independent suppliers in these regions and their need for adequate allocations from major suppliers to address supply challenges.

Commissioner Anna Brakey reiterated the need for transparency from fuel companies regarding price increases, urging them to treat customers fairly. The ACCC plans to publish a weekly update on fuel prices, including data from 190 regional locations, to keep the public informed.