Major fuel retailers across Australia are under investigation by the ACCC for allegations of anti-competitive behaviour.

The probe comes after the commission’s promise to increase transparency about fuel price increases. On March 13, it called on the industry to explain the extent of such increases, which have skyrocketed since the start of the ongoing Middle East conflict and subsequent closure of the Strait of Hormuz.

“The ACCC is closely scrutinising all fuel markets during this period, and we have received reports of alleged anti-competitive behaviour. We are therefore investigating these matters urgently,” ACCC chair Gina Cass-Gottlieb said.

Ampol, BP, Mobil Oil, and Viva Energy are all under investigation.

“It is not our usual practice to publicly announce investigations, but given the significance of the issue, the ACCC is confirming this enforcement investigation,” Cass-Gottlieb added.

“We recognise the widespread concerns held by consumers, businesses and farmers about fuel pricing and supply issues arising during the Middle Eastern conflict.”

On March 17, the commission held an emergency meeting with industry stakeholders to further understand the pricing pressures facing fuel retailers. The meeting served as part of the ACCC’s first weekly fuel monitoring update.

“It is important that fuel market participants and the community know that we are closely watching market conduct in relation to all fuels and we will not hesitate to act swiftly to enforce Australia’s competition and consumer laws,” Cass-Gottlieb said.

“Our investigation is at a preliminary stage, and therefore we are yet to form a view about these matters.”