Fuel retailers face $100m fines for price gouging

Fuel retailers face potential fines of up to $100 million for price gouging as petrol prices surge to $3.40 per litre in some regional areas amid the Middle East conflict. Treasurer Jim Chalmers announces the government has doubled penalties and increased ACCC surveillance of suspicious price spikes, with diesel prices jumping from around $1.65 to $2.45 per litre within days in some locations. The duration of fuel price pressures will depend on how long the Middle East conflict continues, with global oil barrel prices fluctuating between the low $80s and nearly $120.See omnystudio.com/listener for privacy information.