Victorian Premier Jacinta Allan and Consumer Affairs Minister Nick Staikos have announced the Fair Fuel Plan, which would require fuel companies to publicly report their fuel price changes the day before they are in effect, and lock those prices in for 24 hours.
“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 decisions accordingly,” Ms Allan said.
Under the plan, over 1500 fuel retailers across Victoria would be mandated to report their pricing data in real time.
This data would be accessible on the new fuel finder feature on the Service Victoria app, so Victorians would have the chance to shop around for the best deal when they were ready to fill up.
Fuel price reporting is currently voluntary in Victoria.
The new fuel finder feature would include every fuel provider in the state.
“We want to give families more power at the bowser,” Mr Staikos said.
“We’re also keeping multinational fuel companies transparent about the prices they set and the deals they promote.”
Fuel price rises would be capped to once per day, with those prices locked in the day before and frozen for 24 hours.
This would ensure motorists could shop around for the best price in their local area, with no surprises.
Under the plan, the price at that outlet couldn’t rise at any time during that day.
Rules under the plan are not intended to limit a company reducing its fuel price.
The Victorian Government is working on new regulations and legislation to support this plan, including determining an enforcement structure and penalties for fuel retailers.
The Fair Fuel Plan will be phased in over this year, with the Fuel Finder to be launched later in 2025.
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