Oil prices in Australia have hit a record high, with supplies cut off in many places and fuel purchases limited to $20! Bunnings was sold out and resold for astronomical prices, selling for $27 to $1,000.

#01：

Oil prices have soared in many places in Australia.

highest price ever

In recent days, many Australian residents have suddenly discovered that refueling has become more and more expensive.

Many people took photos and exclaimed on social media: The price of oil is too exaggerated!

In some areas, price signs at gas stations almost “jumped up”, with oil prices soaring by tens of cents in just a few hours.

Some remote areas have even temporarily cut off supply, and emergency purchase restrictions have begun!

Image source: News.au

In Armidale, a city in the New South Wales region,The price tag at a gas station suddenly jumped in just a few hours, with unleaded gasoline soaring from $2.57/liter to $3.38/liter and diesel from $2.69/liter to $3.39/liter.

Similar situations are not unique.

The latest data from South Australia shows that the average price of diesel has risen to 2.46 Australian dollars per liter.yuan, a record high, 16 cents higher than the previous peak in October 2022.

Image source: News.au

Diesel prices at some petrol stations have even reached A$2.59 per liter.

The Royal Automobile Association of South Australia (RAA) said wholesale diesel prices in Adelaide have increased by about 47 per cent since the outbreak of the Iran war.

Energy consultant Peter Nattrass points out,This is the highest diesel price South Australia residents have ever paid.

Image source: News.au

Behind the surge in oil prices is the severe impact on the global energy supply chain. After the situation in Iran escalated, the Strait of Hormuz, the global energy transportation artery, was temporarily blocked.

At the same time, in the Singapore market, which is one of Australia’s main sources of diesel, diesel prices have also skyrocketed in a short period of time.

From US$130 per barrel in February, it once rose to a high of US$269 and currently remains at a high of approximately US$228.

Experts warn that this upward trend may be difficult to reverse in the short term, and both households and businesses will bear higher operating costs.

#02：

Supply is in short supply in some areas,

Urgent purchase limit is AUD 20

As oil prices continue to rise, supply constraints are already emerging in some areas.

In some remote areas of Australia, gas stations even temporarily ran out of gas.

Some petrol stations have had to adopt purchasing restrictions, such as limiting each driver to a maximum of 20 Australian dollars in fuel purchases.

Image source: Daily Mail

Faced with rising anxiety, the New South Wales government has urgently established a fuel crisis response team.

New South Wales Premier Chris Minns said the group, made up of energy, transport, police and emergency services, was tasked with assessing fuel supplies in the coming weeks and months.

The government particularly emphasizes that hospitals, ambulance systems and emergency services must prioritize access to diesel supplies to ensure that critical services can operate normally under any circumstances.

Image source: Daily Mail

Minns also called on the public to consume rationally and not panic hoard oil.

“This is indeed a tense period, but everyone only needs to buy the fuel they need. If there is excessive hoarding, it is likely to affect the normal use of neighbors or family members.”

Despite temporary tensions in some areas, the federal government said fuel supplies across the country were generally stable.

At the same time, the International Energy Agency (IEA) also announced the release of 400 million barrels of emergency oil reserves in an attempt to ease global energy supply tensions.

#03：

The oil barrels were sold out,

Second-hand platforms fetch sky-high prices

However, panic has been spreading in recent days.Oil drums used to store fuel have unexpectedly become a “hot commodity”.

In cities such as Sydney and Melbourne, many drivers have begun queuing up to refuel and even purchased oil barrels to store fuel, fearing that oil prices will continue to rise or supply will be insufficient in the future.

oneThe driver stopped at a petrol station near Parramatta in Sydney.Nearly 1,000 liters of dieselA large fuel tank that fits into the back of a pickup truck.

Image source: News.au

Not only gas stations but also hardware stores will be breached!

Image source: News.au

Many people are worried about the instability of fuel supply in the future, so they choose to stock up on gasoline in advance.

This temporary fuel container, known as a “Jerry can”, was originally a common commodity used during camping or emergency situations, but now it has become a hot commodity.

Image source: News.au

A number of large retailers, including Bunnings, Supercheap Auto and BCF, said there has been a significant increase in demand for fuel drums in stores across the country.Many shelves have been sold out.

Photos taken by some media at the scene showed that the shelves used to store fuel drums in many stores were completely empty.

Image source: News.au

Retailers said they are urgently restocking and hope to restore inventory as soon as possible to meet customer demand.

As the tide of oil hoarding continues to heat up, some speculators have also begun to take advantage of market panic to earn the price difference.

Due to the shortage of oil barrels in physical stores, some people began to resell fuel barrels on second-hand platforms such as Facebook Marketplace, and the price was much higher than the original price.

In Melbourne,One seller even listed an ordinary metal oil drum for $1,000, claiming it was a “once-in-a-lifetime opportunity”.

Image source: News.au

Another seller listed a 20-litre drum for $500and clearly stated “Don’t bargain, I know its value.”

Image source: News.au

In some remote areas, such high-priced oil barrels appear more frequently.

Since the fuel supply at local gas stations is already limited, some residents are worried about fuel shortages and are therefore willing to pay higher prices for fuel containers.

At the same time, some fuel wholesalers have also begun to limit the supply to retail gas stations to maintain market order.

Some suppliers stated in a notice to gas stations that in response to market fluctuations, they would temporarily control the scale of fuel distribution to ensure that the supply system remains stable.

A spokesman for the automobile association NRMA also pointed out that,Some gas stations took the opportunity to raise oil prices, exacerbating market panic.

He said that the current wholesale oil price has increased by about 10 cents per liter, but the price increase at some gas stations is much higher than this level. This behavior of “taking advantage of the crisis to make money” is further promoting the phenomenon of oil hoarding.

Experts point out that panic hoarding of oil will not only aggravate market tensions, but may also pose security risks.