Apco explains fuel shortages as prices surge

Apco has thanked its customers for their patience as all the service station chain‘s sites have experienced temporary stock shortages this month due to “unprecedented” spikes in the wholesale cost of fuel trigged by the Iran war.

Petrol has temporarily run out at APCO sites in Victoria, South Australia and New South Wales since the start of March.

The average price of unleaded petrol and diesel has risen past $2 a litre in all major cities, leading to accusations of profiteering by fuel companies.

In a statement released earlier today (Wednesday, 11 March), Apco said there had been “overwhelming response from our loyal customers in recent days” but it had only adjusted pump prices in line with the rising costs, with unleaded petrol up by approximately 44 to 46 cents per litre and diesel up by 60 to 70 cents per litre across the market.

“Our approach has always been to price fairly and responsibly,” Apco director, Peter Anderson, said.

“We are not increasing margins to take advantage of the situation, that simply is not in our DNA.”

Wholesale prices can fluctuate daily and are difficult to predict, Apco stated, but it remains committed to providing its customers with the best value possible.

Australians are being warned every corner of the economy will be affected by soaring fuel prices as a result of the war in Iran.

But consumers are being urged to avoid panic buying, which is exacerbating supply problems and leading to spending limits at some service stations.

The consumer watchdog has put retailers on notice about giving false or misleading reasons for cost increases.

Mounting conflict in the Middle East has closed one of the world’s most important oil corridors, the Strait of Hormuz, disrupting global shipping and putting a clamp on supply.

NRMA spokesperson Peter Khoury said some parts of regional Australia were running low on diesel because of stockpiling and panic buying.

“We must go back to our normal buying habits for fuel, and oil companies have to ensure that as the tankers arrive in our terminals, that independent retailers in regional Australia are getting access to the fuel they need.”

– WITH AAP