The ongoing conflict in the Middle East has sparked concerns about global oil shortages, domestic rising petrol and diesel costs, and it's got experts speculating.

The Government is working to find a solution, with Energy Minister Simon Watts meeting with his counterparts in Tokyo for the Indo-Pacific Energy Security Forum to discuss the issue.

Nathan Surendran is the chair of the Wise Response Society, and he says the conflict is causing oil refineries all over the world to slow down production. 

"There is the National Fuel Plan - the Government has, effectively, a staged incremental rationing type process...it should signal that rationing is a potential possibility, because signalling it gives people time to adjust mentally." 

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