Australia's Victoria state, the second-largest by population, will require fuel retailers to publish their prices for the following day, under anti-price gouging laws.
Fuel stations selling primarily gasoline and diesel will be required to submit their prices by 14:00 local time (03:00 GMT) for the following day under the system, Victoria's Labor government said on 11 March. The price will be published to a government website on 16:00 local time on the day of submissions and will apply from 06:00 local time the next day for 24 hours.
The scheme will enable motorists to shop around for the best price and place downward pressure on skyrocketing prices, following the outbreak of the US-Iran war and the de facto closure of the strait of Hormuz, which has reduced shipping to a standstill.
Australia's average wholesale (TGP) gasoline price was up by A$0.068/litre in the week to 8 March, hitting A$1.612/litre, according to data from the Australian Institute of Petroleum (AIP) published on 11 March. The TGP for diesel rose by A$0.081/litre last week to A$1.721/litre.
Average national retail prices of gasoline and diesel were up by A$0.17/litre and A$0.156/litre to A$1.98/litre and A$1.965/litre, respectively. Queues have formed at stations and individuals and businesses may be stockpiling fuel due to fears of shortages, retailers said.
The federal government has sought to downplay the likelihood of shortages, asking people to avoid panic buying and assuring the public that contracted diesel, gasoline or jet fuel supplies to Australia have not been disrupted.
But surging demand is leading to rare trade flows, as buyers seek certainty over supply, with Australian gasoline buyers last week turning to US Gulf coast supply.
The nation typically imports its gasoline from Asia, especially Singapore, which supplied 103,000 b/d of Australia's import demand of 188,000 b/d in 2025.
