The Victorian government has proposed a bold initiative aimed at providing greater transparency and stability in fuel pricing for motorists across the state.
- Fuel companies must report price changes 24 hours in advance
- Prices to be locked in for 24 hours after reporting
- Over 1500 fuel providers in Victoria affected
- Real-time data to be fed into Service Victoria app
- Potential annual savings of up to $333 for Melbourne motorists
Implementation Timeline:
- Plan to be phased in throughout 2025
- Specific start date not yet announced
Industry Response:
The Victorian Automotive Chamber of Commerce (VACC) has expressed concerns:
- Lack of prior consultation with industry
- Potential operational impacts on small businesses
- Challenges with sudden wholesale price changes
Context:
- Similar initiative proposed in Queensland in 2024
- Victorian plan announced well ahead of next state election
While the Fair Fuel Plan aims to provide significant benefits to consumers, its implementation will require careful consideration of industry concerns. The success of this initiative could set a precedent for fuel price regulation across Australia, potentially reshaping the relationship between fuel retailers and consumers.
