Coalition accused of ‘extremist fear-mongering’ as Iran war hits bowsers, petrol prices surge

Fuel prices are already soaring to nearly $4 per litre in some parts of Australia – with fears it will climb higher as the Middle East conflict continues to its fourth day.

Remote parts of Northern Territory, including Ramingining located 560 km east of Darwin in Arnhem Land, are currently paying $3.99 per litre for diesel.

Another community in Arnhem Land, Milingimbi are also paying $3.95 per litre.

Industry Minister Tim Ayres has accused the Coalition of being “political war profiteers” whose scare-mongering led to panic fuel-buying.

While fuel prices have increased since the United States and Israel attacked Iran on February 28, multiple cities in Australia reported panic buying and queues outside petrol stations earlier in the week.

In a fiery response during question time on Wednesday, Mr Ayres said Australia’s fuel reserve were in the best position they had been at in 15 years.

“Scaremongering – far right, extremist scaremongering – over there created people lining up at petrol stations when there was no need,” Mr Ayres said, referring to the Opposition’s side of the Senate chamber.

Turning to the Greens on the cross bench, he said “people over there talk about war profiteers”, before turning back to the Coalition.

“This show over here are political war profiteers,” he said of the Opposition.

“They love creating a sense of crisis. They love creating a sense of drama, and they are unashamed about their hopelessly partisan approach.”

Mr Ayres accused the former Morrison government of “doing more than any other government” to undermine Australia’s energy.

“The dimmest bulbs in that government then came to occupy the front bench during the course of the last term,” he said.

“And, the architects of last term’s genius economic policy – the low-watt, dim-wattage bulbs – now are in charge now.

“The shadow ERC (Expenditure Review Committee) of last term are the geniuses who are now in charge of driving this show right over a cliff.”

Senator Bridget McKenzie shot back that Labor had “no plan”, before being called to order.

It comes as petrol stations across the country are slammed for charging Aussies “unjustifiable” prices for fuel amid the US-Iran conflict.

“It is just a ridiculous price when we are in the middle of this conflict and we know things are going to get worse,” NRMA spokesman Peter Khoury said.

The NRMA has called on the ACCC to clamp down on inflated pricing for fuel, with half of the service stations across Sydney, Melbourne and Brisbane charging almost $2.20 a litre.

Treasurer Jim Chalmers earlier said he had written to the ACCC to ensure service stations “don’t do the wrong thing”

“We don’t want service stations to take advantage of people,” he said.

“We understand that there will be movements in the market, but people, retailers cannot be taking people for mugs.”

‘Know who you are’

Mr Khoury said the servos and operators who are inflating prices “know who they are”.

“This must stop immediately.”

According to NRMA it takes “7-10 days” for increased oil prices to flow through down under.

“That's why you know NRMA has put this warning out today because we know it hasn’t been 7 to 10 days,” he said.

“The price cycles in Sydney, Brisbane and Melbourne have left families in those

cities worse off and oil companies are using the Middle East crisis as an excuse to jack up

margins,” Mr Khoury said.

Aussies have flocked to servos across the country to stock up on petrol, with fuel prices expected to skyrocket in the coming weeks.

Mr Khoury urged people to use the My NRMA App to ensure they are aware of the best price and the “cheapest option”.

The NRMA says the average price for regular unleaded per litre across the country is:

• Sydney 209.5c

• Melbourne 207.7c

• Brisbane 210.2c

• Adelaide 185.0c

• Perth 189.1c

About 20 per cent of the world’s oil and gas is shipped through the Strait of Hormuz, a shipping lane on Iran’s southern border that has now been effectively closed.

As a result, fuel prices have spiked globally as the conflict in the Middle East continues onto its fourth day and concerns grow over how long it will last.