Northern Territory coroner Greg Cavanagh said the three hatched a plan to set the boat ablaze, fearing it would be returned to transit point Indonesia after being stopped by Australia's navy off the country's north.
The boat, known as SIEV 36 and carrying 49 people, then exploded, hurling passengers into the water including five who drowned.
"I have concluded that the explosion was caused when a passenger or passengers deliberately ignited petrol which had collected in the bilge area below the deck of SIEV 36," Cavanagh told the inquest.
"Prior to this, a group of passengers mistakenly believed they were to be returned to Indonesia. They planned to set fire to SIEV 36 to cripple it and ensure that they could not be returned," he added.
Cavanagh said he would refer his findings to police to see whether they could lay criminal charges against the three, named as Ghulam Mohammadi, Arman Ali Brahimi and Sabzali Salman.
He added that the explosion could have been avoided if the boat had been searched properly by navy personnel, who boarded the vessel near Ashmore Reef but failed to secure the petrol and lighters on board.
But he found the navy's rescue efforts were "appropriate" and saved many lives despite earlier reports of video footage that showed a sailor kicking a struggling asylum-seeker as he tried to get out of the water.
The case dramatically highlighted Australia's problem with asylum-seekers who make the perilous journey to its shores, with dozens more boats arriving this year alone.
Prime Minister Kevin Rudd, who has been criticised for reversing the tough immigration policies of his conservative predecessor, said people-smugglers were "scum of the earth" shortly after the incident.
Two Indonesian fishermen were jailed for five years in October for ferrying the boat-load of Afghans who were fleeing their war-torn homeland.
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