Australia’s consumer watchdog will haul in major fuel suppliers for an explanation on skyrocketing prices.

Major retailers such as Ampol, BP, Chevron, Exxon Mobil and 7-Eleven will be among the companies summoned by the Australian Competition and Consumer Commission for an emergency meeting.

It came as Deputy Prime Minister Richard Marles failed to rule out fuel rationing in Australia, amid rising pressure on the world’s oil markets.

Energy minister Chris Bowen said measures were being taken such as releasing  760 million litres of petrol and diesel.

“Fuel continues to arrive in Australia as expected, because the refineries are working very well and producing the diesel and the petrol and supplying the region as quickly as it can to make up for the shortfall that arose with a 100 per cent spike in demand,” Bowen said.

“It will take some time for the system to respond to that, but if we could go with the supply measures and if Australians respond in the spirit of all coming together and not panic buying, then that maximises our chances of getting through this.”

While blaming panic buying for “causing the situation”, Bowen slammed “unAustralian” behaviour, such as people clearing Bunnings shelves of jerry cans and onselling them on Facebook.

“Panic buying does not help the situation, panic buying very much causes the situation. I completely understand the concerns of Australians who might be thinking, we will buy a bit of extra fuel,” he said.

“Separately, people going to Bunnings and buying out all the Bunnings jerry cans – that is unhelpful. That is unAustralian. If they’re trying to maximise profits on Facebook marketplace.”

Iran has closed one of the world’s most important oil corridors, the Strait of Hormuz, in response to the US-Israel war on the country.

This has led to a spike in oil prices, sending unleaded petrol in Australia’s major cities above $2.20 a litre, and diesel to more than $2.60 a litre.

Treasurer Jim Chalmers said the steep increases in petrol prices after war in the Middle East broke out had raised serious concerns with the consumer watchdog.

“The ACCC are hauling the petrol suppliers and retailers in for an explanation,” he said.

“I’ve made it very clear that if they find evidence of misconduct, we expect the ACCC to throw the book at them.”

Labor has previously asked the ACCC to monitor prices after war erupted to ensure motorists weren’t taken for “mugs”.

Energy Minister Chris Bowen said fuel standards would be relaxed for two months to allow more supply to combat shortages at the bowser. This will bring an extra 100 million litres a month, the equivalent of about two days’ worth of supply.

Motoring groups and the federal government have urged Australians to stop panic buying and stockpiling fuel, reassuring the community fuel was still arriving into the country.

One Nation MP Barnaby Joyce has suggested reserving fuel for farmers and regional areas by introducing rationing for the cities as the war drags on. Fuel transport companies have thrown their support behind the proposal.

But the NRMA opposes the idea, saying rationing would cause unnecessary economic and social impacts.

Pushed on the possibility of fuel rationing on Tuesday, Marles urged Australians to continue about their daily business, but said it wasn’t something he could rule out.

“We have taken steps to put more fuel supply into the system over the course of the weekend, where we released 20 per cent of the stock holdings that are kept in Australia, and that will see around 716 million litres of extra fuel go into the system. That’s obviously a significant amount,” he told the ABC.

“Right now, our message to Australians is to just keep going on as you normally would. As we speak, the same amount of ships that are coming in and supplying Australia are doing that.

Opposition Leader Angus Taylor said the government should acknowledge there was a problem with fuel supply.

“What’s needed is to move the fuel through the supply chain as quick as possible,” he told Nine’s Today on Tuesday.

“We’ve got a refinery exporting its fuel … that fuel needs to go to Australians.”

Finance Minister Katy Gallagher said it was the government’s responsibility to think through contingencies and be ready to respond to issues as a result of the war.

“Every lever that we’ve got available is being utilised, and we will continue to do that as the conflict continues,” she told ABC News Breakfast.

-with AAP