Prime Minister Anthony Albanese says he will convene a virtual meeting of state and territory leaders on Thursday, following concerns about high fuel costs and shortfalls in some regional areas.
Mr Albanese said co-ordination between jurisdictions would be essential to handle supply issues.
"I'll be asking state premiers and chief ministers to appoint someone, a point person, so that the Commonwealth can collaborate in a way to make sure we deal with the challenges which are there," he told reporters in Tasmania on Wednesday.
"All of our ships have arrived at this point in time, but we've had a surge in demand, which is leading to some shortages in some areas, particularly of diesel."
Fuel prices have surged well above $2 a litre following US and Israeli strikes on Iran, leading to the Strait of Hormuz closing, which has one-fifth of the world's oil supply passing through.
Mr Albanese said the government was preparing for scenarios should the war in the Middle East continue.
"We're continuing to monitor all of what is going on in global markets as well," he said.
Transport Minister Catherine King held a separate online meeting on Wednesday regarding fuel security with stakeholders from the transport industry.
Energy Minister Chris Bowen said the nation's fuel supply remained stable despite some regional areas experiencing shortages.
"We've been striking agreements, company by company, that they will release more of that fuel into the regions and we're starting to see some of that flow," he told ABC TV.
"Our fuel supplies remain solid in terms of what's coming in and what's being produced ... rationing is not a conversation that we need to have at this point."
But Australia would not increase its fuel reserves.
"If we were to have 90 days in Australia, that would cost billions of dollars over the next four years, billions and billions to build that storage," he said.
Australia's domestic fuel reserves stand at 39 days of petrol and 33 days of diesel.
High fuel prices due to the de-facto closure of the Strait of Hormuz, a key oil-shipping channel, have also led to a spike in airfares and disruption to global supply chains.
The nation's accommodation sector has dealt with widespread and significant cancellations since the US and Israel struck Iran, which sparked retaliatory attacks.
Many international tourists who planned to travel from or through the Middle East were forced to stay home, Accommodation Australia chief executive James Goodwin said.
"There's been enormous levels of disruption in the sector," he told AAP.
Sydney, Melbourne and Brisbane were predominantly affected, but other areas dependent on overseas travellers such as Kangaroo Island, Uluru and the Great Barrier Reef were impacted.
Mr Goodwin noted occupancy rates had remained stable because some stranded travellers and aviation staff were forced to stay in Australia for longer than planned.
In one instance, a Melbourne hotel was asked to provide 130 rooms to accommodate air crew from a Middle Eastern carrier.
Tourism and Transport Forum boss Margie Osmond said the industry was expecting Australian travellers to stay closer to home as high fuel prices and the soaring cost of air travel made exotic destinations less appealing.
The nation's freight sector also faced significant pressure from skyrocketing fuel prices.
The price shocks had shaken the industry and would leave a lasting impact, Australian Logistics Council chief executive Hermione Parsons said.
"Diesel is the main energy source of transport in Australia," she said.
"The current instability is adding pressure upon pressure on an already pressured system."
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