Victorian fuel retailers will soon have to publicly report their fuel price changes the day before they come into effect, and lock their prices in for 24 hours. The new requirements are part of a cost-of-living shake up announced by the state government today.
Premier Jacinta Allan and Minister for Consumer Affairs Nick Staikos announced the government’s Fair Fuel Plan, which they say is an attempted to level the playing field between multinational fuel companies and Victorian families.
Fuel prices fluctuate all the time and can sometimes change multiple times a day. The Fair Fuel Plan is being implemented to help keep companies transparent about the prices they set and the deals they promote.
Under the plan the state’s more than 1500 servos will have to provide their pricing data in real time. This data will then feed directly into a new fuel finder feature on the Service Victoria app, giving Victorians the opportunity to shop around for the best deal when they’re ready to fill up.
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.
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, and freeze them for 24 hours.
This means you’ll be able to check your local area for which service station is offering the best price throughout the next day – and when you arrive in the morning to fill up, there’ll be no surprises.
Under the plan, the price at that outlet can’t rise at any time throughout that day, but there is not intended to be any limit to a company reducing its fuel price.
The Fair Fuel Plan will be phased in over 2025. The Service Victoria fuel finder will launch later this year and could save Victorian motorists hundreds of dollars a year at the bowser.
