<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australian oil companies are being accused of profiteering off the war in Iran as the </span><a href="https://www.9news.com.au/petrol-prices" rel="" target="" title="average price of unleaded petrol"><span>average price of unleaded petrol</span></a><span> surges well past $2 a litre in Sydney, Melbourne and Brisbane today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Half of the petrol stations in </span><a href="https://www.9news.com.au/melbourne" rel="" target="" title="Melbourne"><span>Melbourne</span></a><span> today are charging 219.9 cents a litre, while half in </span><a href="https://www.9news.com.au/sydney" rel="" target="" title="Sydney"><span>Sydney</span></a><span> have raised prices to between 217.9 and 223.9 - well in excess of the expected top of their price cycles.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/brisbane" rel="" target="" title="Brisbane"><span>Brisbane</span></a><span> had the highest average unleaded price of the three capitals, at 210.2 cents per litre, according to the MyNRMA app.</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>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-attack-iran-live-updates-donald-trump-latest-world-news-headlines/94a5cc0c-0369-44b9-8765-70bb2633e2bd" rel="" target="" title="First Australian flight departs Dubai after US consulate hit"><strong><span>First Australian flight departs Dubai after US consulate hit</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>NRMA spokesperson Peter Khoury said these price hikes were unjustifiable.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Oil companies are using the Middle East crisis as an excuse to jack up margins," Khoury said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This must stop immediately.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/petrol-prices-surge-sydney-melbourne-brisbane-oil-companies-accused-profiteering-off-iran-war/4ff17794-f25f-442b-98ca-ac7bf0b506ce" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"With prices in Australia's three largest cities already at the top of the regular cycle, half of the stations in our three biggest cities are effectively inflating that margin to take advantage of the community."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>By contrast, the average price of unleaded petrol in Adelaide and Perth remains at 185 cents and 189.1 cents a litre respectively.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The price hikes come despite Treasurer Jim Chalmers putting retailers on notice yesterday, urging the Australian Competition and Consumer Commission (ACCC) to monitor for price gouging amid a jump in global oil prices.</span></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/world/us-israel-attacks-iran-strait-of-hormuz-explained-oil-gas-prices/f8e7c1ed-f6d9-4fe5-8277-6a11c09d8de6" rel="" target="" title="A 39km stretch of water could throw global economy into turmoil"><strong><span>A 39km stretch of water could throw global economy into turmoil</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Global oil prices have been tracking upwards, rising 10 per cent already this week to almost $US80 a barrel, but these wholesale prices take about seven to 10 days to flow through to the bowser.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Long lines have been reported at some petrol stations in Australia's most populous cities as news filtered out that a crucial oil supply line, the Strait of Hormuz, had been effectively cut off by Iranian attacks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Strait of Hormuz - the only waterway in or out of the Persian Gulf - normally sees 15 billion barrels of oil pass through it each day, about 20 per cent of the global supply.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That has all but drawn to a halt now, after </span><a href="https://www.9news.com.au/world/us-israel-attacks-iran-strait-of-hormuz-explained-oil-gas-prices/f8e7c1ed-f6d9-4fe5-8277-6a11c09d8de6" rel="" target="" title="Iran's Revolutionary Guard (IRGC) threatened to fire on any vessels"><span>Iran's Revolutionary Guard (IRGC) threatened to fire on any vessels</span></a><span> attempting to pass through it.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There is no need to rush to the service station and fill up,"</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, Energy Minister Chris Bowen insisted there was "no need to rush to the service station".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>RIPPLE EFFECT:</span></strong><span> </span><a href="https://www.9news.com.au/finance/us-israel-attack-iran-economic-inflation-impact-australia/f2fad1f9-e0d3-40b1-9693-d01673efca43"><strong><span>'Tax on households' coming for Aussies due to Iran war</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We have a good stock of petrol in reserve in Australia."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia currently has a 34-day supply of diesel and a 36-day supply of unleaded petrol, not including what is already in the retail network.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, ACAPMA CEO Rowan Lee says Australia's oil supply will not run out even if the Strait of Hormuz remains closed.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Over half our fuel comes out of Singapore, and that is fed in by oil that comes out of South Korea, Japan, Burnei, Malaysia and India," he told the ABC.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We draw very little oil out of the Middle East."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>