The state government has announced a new plan that will require fuel companies to publicly report their fuel price changes the day before they are in effect – and lock in those prices for 24 hours.
The Fair Fuel Plan will make it compulsory for the more than 1500 fuel retailers across the state to provide their pricing data in real time.
This data will then feed directly into an upcoming fuel finder feature on the Service Victoria app, allowing drivers to find the best deal when they’re ready to fill up.
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.
Prices set the day before and locked in for 24 hours.
Premier Jacinta Allan said that under the new plan, drivers can find out tomorrow’s field prices at every single service station on your route to work and make decisions accordingly.
“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,” Ms Allan said.
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.
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.
New regulations and legislation will be required, and work is currently underway to determine an appropriate enforcement structure and penalties for fuel retailers.
The Fair Fuel Plan will be phased in throughout this year.
The Service Victoria fuel finder will launch later in the year.
