Victoria to lock dailyfuel prices in new plan

VICTORIAN motorists will be able to check and lock in fuel prices a day in advance under a new State Government plan aimed at curbing sudden price hikes at the pump.

Premier Jacinta Allan and Consumer Affairs Minister Nick Staikos announced the Fair Fuel Plan last week, requiring fuel retailers to publicly report price changes the day before they take effect.

The prices will then be locked in for 24 hours, preventing multiple increases within a single day.

“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,” Ms Allan said.

“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.”

“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.”

The Government will also introduce mandatory fuel price reporting for Victoria’s 1500 service stations, with real-time data feeding into a new ‘fuel finder’ feature on the Service Victoria app. The feature, which will launch later this year, will allow motorists to compare prices across different outlets.

Fuel price reporting in Victoria is presently voluntary, with commercial websites offering inconsistent data. The new system will include all retailers, with no advertising or paid promotions influencing results.

Retailers will still be able to lower prices at any time, but increases will be capped at one per day and locked in advance. The Government is developing new enforcement measures for the scheme, which will be rolled out in phases throughout 2025.