Victorian motorists will soon have fuel price rises capped and locked for 24 hours as part of the Labor Government’s cost-of-living relief efforts.
The Fair Fuel Plan will require fuel companies to publicly report price changes a day in advance and keep them fixed 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 your decisions accordingly,” Premier Allan said.
The plan follows data from the Australian Competition and Consumer Commission (ACCC), which found that Melbourne motorists could have saved up to $333 annually by filling up at the lowest point of the fuel price cycle.
Under the plan, over 1,500 fuel retailers across Victoria will be required to report real-time pricing data, which will be integrated into a new fuel finder feature on the Service Victoria app.
“The fuel finder feature on the Service Victoria app will give you access to real-time fuel prices from service stations across the state – so you can shop around for the cheapest deal,” said Minister for Government Services Natalie Hutchins.
Unlike commercial fuel price websites, the government’s fuel finder will include every provider, remain ad-free, and avoid favouring any particular outlet.
In addition to mandatory reporting, the plan will cap fuel price rises to once per day, with prices being set the day before and locked in for 24 hours. This will allow consumers to plan their fuel purchases without unexpected price hikes.
“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 Allan said.
Fuel retailers will still have the flexibility to lower prices at any time throughout the day.
The Fair Fuel Plan will roll out in phases throughout 2025, with the Service Victoria fuel finder set to launch later this year. New regulations and legislation will be introduced to ensure compliance, with penalties for non-compliance currently under consideration.
Minister Staikos emphasised the plan’s goal to empower consumers and increase fuel price transparency.
“We want to give families more power at the bowser. We’re also keeping multinational fuel companies transparent about the prices they set and the deals they promote,” he said.
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