Victoria will cap and lock fuel prices in the State Government’s new ‘Fair Fuel Plan’, announced by Premier Jacinta Allan and Minister Nick Staikos on Monday.
Under the plan, the Government will make it compulsory for the more than 1,500 fuel retailers across the state 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.
New regulations and legislation will be required, and work is currently underway to determine an appropriate enforcement structure and penalties for fuel retailers. Government will consult with industry on implementation to get it right, and to ensure the scheme is fair and practical for smaller retailers.
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.
