Australia, Transport News

Pay less at the pump!

Victoria has announced a bold new plan to keep fuel retailers accountable and limit price hikes over a 24 hour stretch

Victoria has announced its intention to create a dramatic shift in the landscape of the state’s petrol prices, with its new Fair Fuel Plan project set to be rolled out across the state during 2025.

The intention is to make it compulsory for the 1500 fuel retailers across the state to provide their pricing data in real time and publicly report their price changes the day before they are in effect – and then lock those prices in for 24 hours.

Motorists would then have access to the following day’s petrol prices across the state and have the ability to pick and choose which servo they fill up at based on cost.

The number of fuel price raises will also be capped at one per day.

The ‘fuel finder’ application of the Service Victoria app, which will enable motorists to see the prices of petrol around the state, will launch later this year. It will include every provider, will not be advertiser funded, and will not promote one retailer or outlet over another.

The full scope of the program will require legislative change, and work is currently underway to determine appropriate enforcement structure and penalties for fuel retailers.

Industry will also be consulted on the implementation of the program to ensure the scheme is fair and practical.

The Victorian Road Transport and Distribution Award 2022 Category 6 (Prime Mover) has listed the average retail diesel pump price for truck drivers for the 12 weeks to September 6, 2024, at 191.6 cents per litre.

Owner drivers supplying a tandem scored an average of 188.3 cents per litre of diesel in the 12 weeks to 30 September, 2024.

“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 Jacinta Allen says.

“You know how much fuel prices fluctuate – under our plan you can find tomorrow’s fuel price at every single servo … and make your decisions accordingly.”

Australian Competition and Consumer Commission data shows in 2023 the average Melbourne motorist could have saved up to $333 a year from filling up at the lowest point of fuel cycles.

There is also no intention to limit retailers from reducing their fuel prices more than once every 24 hours.

Read more ATN:
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Controversial Perth project officially in the can
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