00:02From coast to coast, pain at the pump. Drivers navigate prices they've never paid before.
00:09It's $100 extra every week now.
00:11At one of Sydney's busiest low-cost servos, business has slowed to a crawl.
00:16It's really quiet now. It's like hardly two customers in one hour.
00:20In some areas, diesel now topping $3 a litre.
00:25That's above the national average according to the NRMA, which has unleaded hovering around $2.30.
00:32We are now where we expect to be.
00:34That is cold comfort to Australians looking at the price boards
00:37and seeing the most expensive prices they've ever had to pay for.
00:41Fuel companies today hauled before the competition watchdog to explain the rapid price spikes
00:46as the Treasurer moves to double fines for those found to be price gouging.
00:51They are on notice.
00:53The government is on alert but seeking to hose down concerns fuel supplies could dry up.
01:00All companies say to me that they fully expect all deliveries all through March and well into April.
01:05That uncertainty fueling panic buying and creating shortages in regional areas.
01:11For now, rationing is off the table.
01:14Because we don't believe at this point that's what is the best solution.
01:18A good start is to make sure that Australian fuel isn't being exported.
01:21Ampol's Brisbane refinery currently exports the petrol it produces because it doesn't yet meet Australian standards.
01:29Last week, those standards were temporarily lowered to allow the fuel to flow into the domestic market.
01:35It's one of only two refineries left on shore, leaving Australia to import 90% of its liquid fuels.
01:42We must, we must get back to drilling for oil and gas.
01:46The war in Iran has sparked a broader debate about how Australia can bolster its fuel security.
01:52But the government's focused on the immediate crisis and the huge challenges it presents for the economy.
01:57The Treasurer was already planning a tough budget with little room for new cost of living relief.
02:04For now, he's holding the line, knowing further spending would only worsen inflation.
02:10And by the demand we're asking,
02:11...
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