Prices skyrocket but major fuel shortages “very unlikely”
Petrol and diesel prices are sky high due to the illegal US-Israel war on Iran, but major fuel shortages in Australia remain very unlikely.
Matt Grudnoff and Ebony Bennett discuss Australia’s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison’s 2021 claim about an electric vehicle policy putting an “end to the weekend” now looks even more absurd than it did at the time.
This episode was recorded on Tuesday 31 March.
You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.
Guest: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff
Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett
Show notes:
Fuel costs and RBA hikes equal to a 90 basis point rate rise: ‘this is brutal’ by Greg Jericho, The Point (March 2026)
Fuelling inequality: The brunt of a global crisis should not be borne by people in poverty by Kristin O’Connell, The Point (March 2026)
The case for a gas export tax, explained by Richard Denniss, The Point (March 2026)
Theme music: Pulse and Thrum; additional music by Blue Dot Sessions
We’d love to hear your feedback on this series, so send in your questions, comments or suggestions for future episodes to podcasts@australiainstitute.org.au. Subscribe to Follow the Money on Apple Podcasts, Spotify, Pocket Casts or wherever you get your favourite podcasts.
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
A missed opportunity | Between the Lines
The Wrap with Dr Emma Shortis What a missed opportunity. Last night, the Australian Prime Minister had the chance to face reality. His address to the nation was a recognition that Australians are deeply worried about the state of the world – as they should be. Our world is in real trouble, and there is
Gas exports have tripled Australian gas prices and doubled electricity prices
New Australia Institute research reveals that gas exports have led to the tripling of wholesale east coast gas prices and doubling of electricity prices, since exports began in 2015.
SA Premier spreads gas industry misinformation
South Australian Premier Peter Malinauskas has told an event sponsored by the gas lobby that a new gas project in Narrabri, NSW, is needed to firm up his state’s electricity supply.