CFA was called to the incident in Queen Street about 11.15am.
Along with staff from the local council, firefighters blocked the drain and damned the chemical spill using sand. The EPA was also called to determine the best way to remove the chemical.
Operations Officer Michael Cherry said there was no risk of fire in the area involving the spilt chemical.
Two women who were working in a shop nearby required medical treatment after they became overcome by the fumes from the product.
At 2.25pm the scene was left in the hands of the EPA and police. WorkSafe were called to investigate.
Two trucks from Warragul, including the Hazmat vehicle, attended.