CANBERRA, ACT, March 25 -- The Treasurer of Australia issued the following media release:

The Albanese Government has introduced new legislation to help consumers get a fair go at the petrol pump with bigger penalties for misconduct including in the fuel sector.

The conflict overseas shouldn't be an excuse to profit off Australians.

We're putting petrol companies on notice. We won't cop big corporates treating Australian consumers like mugs.

We're calling on the Liberals and Nationals to vote for this Bill that will legislate higher penalties for petrol companies that do the wrong thing by Australians.

The Treasury Laws Amendment (Doubling Penalties for ACCC Enforcement) Bill 2026 introduced today doubles penalties for false or misleading conduct and cartel behaviour (to a maximum of $100million per offence), across the economy.

We had already increased penalties to up to $50million - five times higher than what they were - and we've given the ACCC more tools, like extending petrol price monitoring powers and the ability to issue on the spot fines.

This legislation will mean even bigger penalties for servos and suppliers that rip off Australian motorists.

This is on top of all the other action we're taking to address fuel affordability and security:

* Boosting fuel supply by releasing 20percent of the baseline Minimum Stockholding Obligation for petrol and diesel.* Getting more fuels into the market by temporarily amending fuel standards.* Our work with the ACCC to authorise major suppliers to get fuel where it's needed in the regions and ramp up fuel price monitoring.* Engaging with international partners to strengthen supply chains and fuel security.

The recent conflict in the Middle East has compounded uncertainty in the global economy and led to significant volatility in oil and petrol prices.

We're not immune from uncertainty and volatility in the global economy, but this action is all about protecting consumers and holding petrol suppliers and retailers to account.

The Albanese Labor Government's priorities in the budget this year are addressing inflation, productivity and global uncertainty, and our work on fairer petrol prices and stronger supply chains is an important part of our efforts.

Disclaimer: Curated by HT Syndication.