Companies under investigation include Ampol, BP Australia, Mobil Oil Australia, and Viva Energy Australia, with the ACCC emphasizing the unprecedented scale of the issue and a strong enforcement stance.

The measures were approved by the Senate after Greens amendments were defeated, following passage in the House of Representatives.

The ACCC had previously convened an emergency industry meeting and asked petrol suppliers to justify pricing amid concerns about sudden spikes in petrol and diesel prices.

New rules will prohibit suppliers from refusing to sell to independent retailers, expanding access to petrol products.

Treasurer Chalmers introduced laws to tackle price gouging at its source and to ban false representations, price fixing, and cartel behavior.

The reforms aim to curb unfair price increases and supply issues tied to the Middle East conflict, with the regulator launching formal inquiries into suspected gouging.

Overall, Australia is considering higher penalties to deter petrol price gouging during the ongoing regional conflict, with fines rising from $50 million to $100 million.

The Australian government passed the Treasury Laws Amendment (Doubling Penalties for ACCC Enforcement) Bill 2026, doubling the maximum penalties for petrol price misconduct to $100 million and widening prohibitions on false representations, price fixing, cartel behavior, and refusals to sell to independent retailers.

Further details of the new laws are expected to be released as the framework progresses.

The ACCC has received over 500 reports of potential petrol price gouging since the regional conflict began, highlighting nationwide price pressures and ongoing investigations.

Finance Minister Jim Chalmers signaled that retailers should not exploit the war for higher profits, issuing a strong warning that they are on notice.