Petrol companies seeking to profit off the war in the Middle East by price gouging Australians will face hefty penalties under new laws introduced to parliament by Treasurer Jim Chalmers.
The changes will double the maximum penalties for misconduct from $50m to $100m.
Mr Chalmers, while introducing the Bill, told the House of Representatives the laws would help “tackle price gouging at its source” and outlaw false representations – including lying about price increases, price fixing and cartel behaviour.
It would also make it illegal for suppliers to refuse to sell to independent retailers.
“Since the start of the war, we have seen much higher prices for petrol and diesel across the country,” Mr Chalmers said.
“It’s put more pressure on motorists and families who are already doing it tough.
“Our message to petrol retailers has been very clear, you are on notice. Do not use this conflict to take advantage of Australians.”
Labor’s majority in the lower house means the Bill is guaranteed to pass the House of Representatives. But it will require either the support of the Coalition or the Greens to pass the Senate and become law.
The ACCC said last week it had received more than 500 reports of possible price gouging at petrol stations since the outbreak of the conflict.
It has now established a formal probe into the allegations.
Companies under investigation include: Ampol, BP Australia, Mobil Oil Australia, and Viva Energy Australia.
“It is not our usual practice to publicly announce investigations, but given the significance of the issue, the ACCC is confirming this enforcement investigation,” ACCC chair Gina Cass-Gottlieb said.
“We recognise the widespread concerns held by consumers, businesses and farmers about fuel pricing and supply issues arising during the Middle Eastern conflict.”
It came days after the regulator convened an emergency meeting with industry and asked it to justify its pricing.
