Fuel stations guilty of price gouging during Middle East war may face $100M fines due to panic buying and oil market instability.

Service stations found guilty of price gouging due to the Middle East war may face fines up to $100 million—double the previous maximum—for false or misleading conduct and cartel behavior, the federal government announced. Treasurer Jim Chalmers cited panic buying and global oil market instability as factors behind fuel shortages in some regional areas. The ACCC has been given expanded authority to closely monitor fuel prices, focusing on sudden or unjustified price spikes to protect consumers during periods of market volatility.