Victorian motorists will be given more clear notice of fuel price changes, with a daily fuel price cap to be introduced.
The price cap is part of phase two of the state government’s Fair Fuel Plan which has passed the Victorian Parliament.
The daily price cap sets the maximum amount fuel retailers can charge for fuel over a 24-hour period, with retailers able to lower but not increase their prices during this time.
The state government has yet to confirm the start date for the new legislation, but fuel retailers will receive clear guidance and advance notice to help them prepare for the change.
Under phase two of the legislation, fuel retailers must also set the next day’s maximum price (cap) between 8:30am and 2:00pm.
The the cap will be published on Servo Saver website by 4:00pm, giving motorists early visibility of the next day’s maximum price
The cap will apply from 4:00am the next day and remain in place for 24 hours.
If a retailer does not submit a cap, the previous day’s cap will automatically roll over.
Further instructions, timelines and support materials are expected to be released before the legislation comes into effect.
Fuel retailers can get more information on how to set their prices at: https://service.vic.gov.au/find-services/business/fuel-retailers
For further support, fuel retailers should contact the Victorian Government Contact Centre at vic.gov.au/contact-us or call 1300 366 356
Motorists are encouraged to visit Servo Saver at : https://service.vic.gov.au/find-services/transport-and-driving/servo-saver
