Panic buying triggered by U.S. and Israeli strikes on Iran has drained fuel pumps in areas like Western Australia, New South Wales, and Queensland, despite national stockpiles at decade-high levels of 36 days for petrol.
Prices have spiked with diesel reaching $3 a litre in rural spots, prompting rationing, purchase limits, and government crackdowns including doubled penalties up to $100 million for price gouging.
Officials like Energy Minister Chris Bowen and Treasurer Jim Chalmers urge calm, warning hoarding creates a vicious cycle, as imports continue normally but opposition demands tax cuts.