<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The economic shock from sky-high prices at the fuel pump is the equivalent of three interest rate rises, according to experts.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But despite fears that petrol and diesel shortages will worsen, the federal government says there are no plans for rationing yet.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/finance/inflation-australia-february-2026-cpi/521eeb71-3877-4cb5-80f3-0f8bf7813b6d" rel="" target="" title="Inflation dipped slightly to 3.7 per cent last month"><span>Inflation dipped slightly to 3.7 per cent last month</span></a><span> but that was before the war in the Middle East triggered a crisis at the pump.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/abc-strike-thousands-of-staff-walk-off-the-job-in-20-year-first-as-bbc-to-replace-shows/436b9fc7-9626-4236-baea-f0a845874625"><strong><span>Channel suddenly switches as thousands of ABC staff walk off the job</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Inflation in Australia today, it's probably 5 per cent, possibly more," economist Chris Richardson told 9News</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"That big increase in petrol prices is the equivalent by itself of something like three rate hikes."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That won't necessarily stop the Reserve Bank lifting rates again next month but Treasurer Jim Chalmers says it would be a consideration.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/petrol-price-hikes-compared-to-three-interest-rate-rises/c330f8cf-e872-4053-9883-fbd21d3c8ef9" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Particularly for those Australians who can't substitute out of petrol or diesel, obviously that has a dampening effect," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>More than 600 service stations around Australia - or one in 12 - are without at least one type of fuel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Today, Energy Minister Chris Bowen offered some good news with alternative supply found for six cancelled oil tankers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"In addition to replacing those six cancelled boats, they've been able to secure an additional three more cargo deliveries for April and May for Australia, over and above the normal contracted deliveries," Bowen said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Pauline Hanson wants Bowen to declare a liquid fuel emergency that would give him the power to direct fuel to where its needed, while limiting fuel for motorists.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We're calling for this emergency act to come into place that means there will have to be rationing," Hanson said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Prime Minister Anthony Albanese disagreed.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The states and territories can deliver fuel where it's needed most, and so the Commonwealth can concentrate on supply," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>An emergency response developed by the previous federal government suggested petrol rationing could be best done by imposing limits on all pumps - not that this is the minister's plan just yet.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>By the minister's own admission, all ideas are being considered to boost fuel supply, including increasing ethanol content.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But by late April if the Strait of Hormuz is not reopened, more drastic measures will be well and truly on the table.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>To properly inform the community as to who has fuel - and who doesn't - 9News understands state and federal governments are planning a national website that records all retail outages.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>NSW Premier Chris Minns today took extraordinary action to make sure the state was getting its fair share, turning a non-descript office in the heart of Sydney's west into the state government's war room in the battle for fuel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Its officially called an emergency operation centre and has public servants tracking the oil companies' supply of fuel and then take control of oil distribution, directing it where it's needed most.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We have those extraordinary powers to re-direct resources, to inform the oil companies about where shortage are today where they're likely to be tomorrow," Minns said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>There's evidence today that some fuel is getting through. Yesterday, 51 service stations were completely dry in NSW, today that number dropped to 32.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But diesel is still running low with 187 servos empty, which is up from 164 yesterday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>There are warnings that the longer the shortages last, the more essential services will be impacted – rubbish collectors becoming the latest to raise the alarm.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"If we cant get the fuel supplies to collect for residences and business we have to make tough decision who gets collected and who don't," Brett Lemin from Waste Contractors and Recyclers Association said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>And then there's spiralling cost of fuel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia Post today joined Uber, which was among the first to react to rising fuel prices.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Its contract customers who rely on StarTrack courier services will see the current fuel surcharge hiked from 4.8 per cent to 12 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Major retailers will be hit by this and it's expected they will pass it on to the customer.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><strong><span>NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.</span></strong></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><em><strong><span>Download the 9NEWS App here via</span></strong></em><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="" title=""><em><strong><span>Apple</span></strong></em></a><span> </span><em><strong><span>and</span></strong></em><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="" title=""><em><strong><span>Google Play</span></strong></em></a></li><li><em><strong><span>Make 9News your preferred source on Google by</span></strong></em><span> </span><a href="https://9.nine.com.au/8x987w" target="" title=""><em><strong><span>ticking this box here</span></strong></em></a></li><li><em><strong><span>Sign up to</span></strong></em><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="" title=""><em><strong><span>our breaking newsletter here</span></strong></em></a></li></ul></div></div>