Government ministers aren't ruling out rationing fuel but say it's not on the agenda because their focus is on supply measures that get more petrol and diesel into the market.
Ampol, BP, Chevron, Exxon Mobil and 7-Eleven were among companies summoned by the Australian Competition and Consumer Commission to discuss the growing crisis.
Fuel retailers and wholesalers were asked to explain why they hiked prices faster than expected after American and Israeli strikes started the war against Iran, ACCC chairwoman Gina Cass-Gottlieb said in a statement.
"In the meeting, we were given important information about the supply chain, the volatility in international pricing and impacts on the Asian region which we will closely scrutinise," Ms Cass-Gottlieb said.
The ACCC is yet to publicly announce fines for fuel companies.
Former ACCC boss Rod Sims said while the agency didn't have the power to crack down on price gouging, naming and shaming retailers who do the wrong thing would be effective.
"There's no law against price gouging. The law is against misleading consumers," he told AAP.
"If the ACCC is watching and it finds that you're increasing prices above what would be normal given your cost structure then they can name you and I think that's very powerful."
After the war erupted, the federal government asked the consumer watchdog to monitor petrol prices to ensure motorists weren't taken for "mugs".
NRMA boss Peter Khoury, whose organisation attended the talks, said while some petrol stations were massively overcharging motorists, average fuel prices had increased as a result of genuine wholesale cost pressures.
"Australians are seeing the highest prices they've ever seen before, but that's... a result of global factors," he told AAP.
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.
Asked whether the government would consider rationing petrol to tackle shortages in regional areas, Energy Minister Chris Bowen said he was not anticipating such a move and urged motorists not to panic-buy fuel.
"If we keep going with these 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 situation," he told reporters in Canberra on Tuesday.
Some service stations have placed restrictions on fuel sales, which Mr Bowen said they were entitled to do.
The government has allowed petrol and diesel companies to release a week's worth of fuel from their emergency reserves, and has temporarily relaxed fuel-quality standards to allow more into the market.
It has also promised to double penalties for service stations found to have engaged in false or misleading conduct or cartel behaviour, but the change still needs to be approved by parliament and will not be retrospective.
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.
Opposition Leader Angus Taylor said Australia needed to drill for more oil and gas to shore up domestic supply.
Australian Convenience and Petroleum Marketers Association boss Rowan Lee, who represents petrol stations around the nation and attended the meeting with the ACCC, said it was a productive conversation.
"We discussed how things are moving rapidly and that we are in uncharted waters. The current situation is unprecedented," Mr Lee said told AAP.
