Australian watchdog alerts petrol companies to Middle East fuel price increases

Australia’s consumer commission has cautioned petrol companies against inflating fuel prices in anticipation of rising global costs due to escalating conflicts in the Middle East. Iran’s Revolutionary Guard has threatened to target ships in the Strait of Hormuz, a critical passage for 20% of the world’s oil and gas supply. While some states have begun stockpiling fuel, Energy Minister Chris Bowen assured that there is no need for panic, as Australia’s oil supplies are stable for the time being.

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