The Federal Government has launched a sweeping crackdown on fuel price gouging, announcing that oil companies and retailers face staggering $100 million fines for exploiting Middle East tensions.
Treasurer Jim Chalmers and Energy Minister Chris Bowen on Wednesday unveiled the doubled penalties alongside "beefed up" ACCC surveillance to protect motorists from "unusual" price spikes.
With unleaded petrol nearing $2.30 a litre in capital cities, the ministers issued a blunt warning to corporate boards, "We won’t cop big corporates treating Australian consumers like mugs."
While the government defends national fuel security, a parallel crisis is unfolding in the bush.
Dairy farmers report being just "days away" from running out of diesel, as wholesalers reportedly prioritise major contract holders over small, independent distributors.
Despite harrowing accounts from the National Farmers Federation, Minister Bowen denied reports of total wholesale failure during Question Time, insisting Australia's supply remains secure.
However, Transport Minister Catherine King acknowledged that panic buying has seen regional demand "triple" in some areas.
The Department of Energy has now invoked emergency reporting powers to investigate supply chain bottlenecks as the government resists calls to officially quarantine diesel stocks for the agricultural sector.