BY ASHLEY GEELAN
Victoria will cap and lock fuel price rises in a cost-of-living shake-up announced today by Premier Jacinta Allan.
Premier Jacinta Allan and Minister for Consumer Affairs Nick Staikos met with tradies and apprentices at Victoria University Werribee campus today to announce the Government’s Fair Fuel Plan, which will require fuel companies to publicly report their fuel price changes the day before they are in effect – and lock in those prices for 24 hours.
“To help you save money at the servo, we will require fuel companies to publicly report their price changes the day before – and lock them into that price for 24 hours,” Premier Allan said.
The Fair Fuel Plan won’t change everything, but it’s one extra tool at families’ disposal to help them save at the servo – and another way to keep fuel companies transparent about the prices they set and the deals they promote.
Mandatory fuel price reporting and a new fuel finder
The Government will make it compulsory for the more than 1500 fuel retailers across the state to provide their pricing data in real time.
The data will then feed directly into a new fuel finder feature on the Service Victoria app.
Currently, fuel price reporting in Victoria is voluntary and often patchy.
While commercial price reporting websites exist, the Service Victoria fuel finder will include every fuel provider, won’t be advertiser-funded, and will never promote one outlet over the other.
Prices will be set the day before and locked in for 24 hours.
“We want to give families more power at the bowser. We’re also keeping multinational fuel companies transparent about the prices they set and the deals they promote,” Consumer Affairs minister Staikos said.
The fuel finder and mandatory reporting will support the next phase of the Fair Fuel Plan – to not only cap the number of fuel price rises to once a day but to lock in those prices the day before, freezing them for 24 hours.
New regulations and legislation will be required, and work is currently underway to determine an appropriate enforcement structure and penalties for fuel retailers. Government will consult with industry on implementation to get it right, and to ensure the scheme is fair and practical for smaller retailers.
The Fair Fuel Plan will be phased in over 2025.
The Service Victoria fuel finder will be launched later this year.
