The Victorian government has announced sweeping changes to the way fuel companies publicise and change fuel prices for motorists and bus and coach operators.
The cost of living measure announced by Premier Jacinta Allan and consumer affairs minister Nick Staikos this morning will see fuel companies be forced to publicly report fuel price changes the day before they come into effect and then locking in the price for 24 hours.
Due to the fluctuation of fuel prices in the state, Victoria’s Fair Fuel Plan will include mandatory fuel price reporting and a new fuel finder section to the state’s Service Victoria app to help operators find the cheapest fuel near them.
Australian Competition and Consumer Commission (ACCC) data says that in 2023, Melbourne motorists and operators could’ve saved up to $333 a year by filling up at the lowest point of fuel price cycles to secure the best deal.
The new measure will allow operators to continue saving at the bowser while keeping fuel companies transparent about their prices.
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The plan sees more than 1,500 fuel retailers across Victoria having to provide pricing data in real time to the new fuel finder app. Currently, this data is voluntary for each provider, with the state government vowing not to promote one outlet over another.
The mandatory reporting caps the number of fuel price rises to once a day, with providers having to lock in the prices a day before and freeze them for 24 hours.
This means prices at the outlet can’t rise at any time throughout that day, with there being no restrictions to price reductions.
The state government is currently working to determine an appropriate enforcement structure and penalties for fuel retailers under the plan, with the plan to phased in throughout this year.
The Service Victoria fuel finder app will launch later this year too, with Premier Jacinta Allan saying it’ll help all motorists and operators to save money when it comes to filling up.
“You know how much fuel prices fluctuate – under our plan, you can find out tomorrow’s fuel price at every single servo on your route to work and make your decisions accordingly,” she says.
“We know this won’t change everything for families who are doing it tough, but these savings can add up to hundreds of dollars a year.”
Consumer affairs minister Nick Staikos says: “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.”
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