Australia tells consumers no need to panic buy petrol over Iran war as stocks high

Australian Energy Minister Chris Bowen said on Tuesday that consumers did not need to panic about fuel shortages amid concerns that the widening U.S.-Israeli war against Iran could deplete the country's stockpiles.

Australia has 36 days of petrol, 34 days of diesel, and 32 days of jet fuel in reserve, the highest level in more than a decade, Bowen told reporters.

"There is no need to rush to the service station and fill up," he said.

"I do understand people's concerns but it’s important that people know we do have a good stock of petrol in reserve in Australia, there’s no immediate threat to petrol supplies in Australia."

Oil prices rose for a third day on ​Tuesday on heightened fears of supply disruptions, with Israel attacking Lebanon and Iran responding with strikes against energy infrastructure in Gulf countries and against tankers in the Strait of Hormuz.

Bowen said that while petrol costs could come under pressure from a spike in oil prices, regulators would take action against price gouging.

"There is no need for panic buying, that will just make the situation worse," he said.

Treasurer Jim Chalmers said in a post on social media he had written to the consumer watchdog, asking it to ensure fuel retailers "don't use events in the Middle East to price gouge Australians".

-Reporting by Christine Chen in Sydney; Editing by Edwina Gibbs/Reuters