Sydney Fuel Crisis: Panic Buying Erupts as Prices Hit $2.35 for Super – ACCC Put on Notice Over “Price Gouging”
News report Posted 03 March,2026
SYDNEY – Chaos has unfolded at petrol stations across Sydney today as hundreds of motorists joined massive queues to beat looming price hikes, sparking a wave of “price gouging” accusations against major fuel retailers.
Despite federal government assurances of stable supplies, the combination of Middle East conflict and Sydney’s current price cycle has created a perfect storm at the bowser, with some Premium 98 prices reportedly touching $2.35 per litre in the inner suburbs.
Chaos at the Pump: “The Toilet Paper of 2026”
Lines of cars were seen snaking around blocks in Parramatta, Marrickville, and Ryde this morning. Social media has been flooded with images of “Sold Out” signs and frustrated drivers engaged in heated confrontations at the pump.
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Wait Times: Motorists reported waiting up to 45 minutes at discount outlets like Metro and Speedway, which are still offering stock at the “pre-crisis” rates of 178.9c–184.9c.
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Station Closures: Several independent stations in Sydney’s West were forced to bag their nozzles by midday after being bled dry by the sudden surge in demand.
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Police Intervention: Local police were called to a service station in Bankstown to manage traffic flow after a queue blocked a major arterial road, causing significant morning peak-hour delays.
Gouging Accusations and the “Middle East Premium”
The NRMA and consumer advocacy groups have slammed some retailers for what they describe as “opportunistic” price hikes. Critics argue that since most of the fuel currently in underground tanks was purchased at lower wholesale rates weeks ago, the immediate jump to $2.15+ for Unleaded 91 is a “blatant cash grab.”
“We are seeing a 30 to 40 cent spread between stations on the same street,” said an NRMA spokesperson. “While wholesale costs are rising globally, there is no justification for stations to hike their prices by 20 cents in a single afternoon when their tanks were filled last Tuesday.”
The ACCC Response: The Australian Competition and Consumer Commission (ACCC) confirmed it is “closely monitoring” the situation. While the regulator cannot legally set prices, it has warned retailers that it will investigate any evidence of collusion or misleading conduct regarding the reasons for the price increases.
Bowen Blames Panic, Not Supply
Minister for Energy Chris Bowen addressed the “unnecessary” queues in a fiery statement this afternoon, urging Sydney residents to remain calm.
“I want to be very clear: Australia has 36 days of petrol and 34 days of diesel on hand. This is the highest level of security we’ve had in 15 years,” Minister Bowen said. “The queues we are seeing today are not caused by a shortage of fuel, but by a shortage of calm. Panic buying only serves to help the retailers who want to justify higher prices.”
Where to Find the Best Deals
Experts suggest that while the “cheap” phase of the Sydney cycle is ending, there is still value for those who shop around:
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Use Apps: NSW FuelCheck and the NRMA app are showing real-time gaps of up to 50 cents per litre.
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Avoid the Majors: Coles Express and Ampol locations have been among the first to hike; independent “mom and pop” stations are often slower to move their boards.
