7-Eleven defends 58c petrol price hike
7-Eleven has defended its 58c-per-litre hike in petrol, claiming the rise is in line with “broader industry trends” as the consumer watchdog issues a new warning.
News.com.au
March 6, 2026
Petrol retailers are crisis profiteering and unjustifiably hiking prices at least five to 10 cents a litre across the country, the NRMA claims.
As the conflict in Iran lifts global wholesale fuel prices about 10c per litre, the national motorists’ group says service stations have hiked prices well above the wholesale increase, and before increases have even flowed through to the Australian fuel market.
NewsWire has recorded a 58c-per-litre hike from Monday to Thursday at 7-Eleven service stations in Sydney’s Surry Hills.
“While global crude oil prices may impact fuel prices across the industry, our priority is to maintain continuity of service for customers,” a 7-Eleven spokesperson said.
“We continue to offer Mobil quality fuels across our network, and customers can rely on the Fuel Price Lock feature within the My 7-Eleven app to help manage price movements.”
7-Eleven sold Mobil Supreme+ 98 for 181.9c a litre under the “fuel lock” scheme in and around Surry Hills on Monday, before the price jumped to 239.9c a litre by Thursday.
“Like all retailers, we monitor market conditions closely and will adjust in line with broader industry trends,” the 7-Eleven spokesperson said.
“We won’t be commenting on geopolitical matters, but we remain focused on providing a reliable and consistent offer for our customers every day.”
NRMA spokesman Peter Khoury said on Friday fuel retailers were already maximising their margins before the US and Israel began bombing Iran on Saturday.
“What we’ve seen in Sydney, Melbourne, Brisbane in particular, we were already at the top of the cycle. They were already charging the peak amount at $2.13 when the wholesale price was $1.53,” he told Sunrise.
“The wholesale price has gone up 10 cents a litre. They’ve put their prices up even further, and they’re refusing to come down. They’re using a crisis to make money, and it’s got to stop.”
Concerns about impending hikes in petrol prices have already prompted a flurry of buying across Australia.
Global oil prices – inflated by the military conflict – typically took seven to 10 days to flush through to Australian petrol prices, Mr Khoury said.
“What we’ve seen is those prices go up when they shouldn’t have, and they went up too quickly,” he said.
“The public are reporting them, and so there is more that they can do. They’ll drop their prices if you put a bit of pressure on them.”
The consumer watchdog issued a warning to fuel retailers on Friday.
The Australian Competition and Consumer Commission (ACCC) says it “will not hesitate to take action” against price gouging.
“The international price of refined petrol is a key driver of Australian retail petrol prices,” ACCC commissioner Anna Brakey said.
“While these international costs are largely outside the control of local petrol retailers, we remind retailers that making false or misleading statements to consumers about the reasons of price increases would be in breach of the Australian Consumer Law.”
The consumer watchdog had written to the fuel retailers telling them not to falsely blame the conflict for price increases, Ms Brakey said.
“The ACCC will not hesitate to take action if representations and market behaviour by a petrol company contravene competition and consumer laws,” she said.
“We have written to major fuel companies to set out our expectations about domestic fuel pricing as these international events unfold.
“At this time, as at any time, we encourage motorists to use fuel price apps and websites to shop around to find the lowest prices.”
Treasurer Jim Chalmers says the consumer watchdog has the powers to investigate petrol price changes.
On Thursday, federal Treasurer Jim Chalmers said motorists should not be taken for mugs by the fuel companies, as RACQ reports “unwarranted” hikes at the bowser to the consumer watchdog.
As the war in Iraq now involves 16 countries
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