Overview
- Shell raised its 95‑octane posted price by four cents to $2.92 per litre on Mar 3 in Singapore, with Caltex, Esso and Sinopec following, while SPC kept 95‑octane at $2.87 according to Price Kaki.
- NRMA data show roughly half of Sydney and Melbourne stations have already lifted regular unleaded to about $2.17–$2.19 per litre, which the motoring group called unjustified price gouging given normal pass‑through lags.
- Treasurer Jim Chalmers directed the ACCC to monitor retailers for gouging, and Energy Minister Chris Bowen urged motorists not to panic buy and said there is no risk of supply running short.
- Global crude has climbed more than 8% to around US$78 a barrel following reports from an Iranian Revolutionary Guards official claiming the Strait of Hormuz was closed and fresh regional strikes.
- Analysts warn bowser prices could rise 10–20% in coming weeks, with some citing up to 30% in an extreme scenario, as Australia’s fuel stocks remain low at about 36 days of petrol versus IEA benchmarks.