Australian Competition and Consumer Commission (ACCC) is closely monitoring behavior in the fuel market during the Middle Eastern conflict, and cautioned companies against collusive, anti-competitive, or misleading or deceptive conduct at an emergency meeting with major fuel companies, wholesalers, and retailers on Tuesday, ACCC Chair Gina Cass-Gottlieb said.

The regulator outlined to fuel companies how rapid price spikes and fuel supply issues are impacting consumers and businesses in the country. The firms were asked to explain recent price hikes, including why prices moved more quickly than expected following increases in international crude oil. Measures to address regional supply issues were also part of the talks.

The regulator stands ready to use its authorization powers "to assist with effective fuel distribution throughout the country," Cass-Gottlieb said.

Shares of Viva Energy fell 1% in recent trading on Tuesday.