Victoria will cap and lock fuel price rises in a cost-of-living shake up by the State Government to help level the playing field between multinational fuel companies and Victorian families.
Premier Jacinta Allan and Minister for Consumer Affairs Nick Staikos announced the Government’s Fair Fuel Plan, which 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.
Consumers know fuel prices fluctuate all the time – sometimes multiple times a day. Australian Competition and Consumer Commission data also shows that in 2023, Melbourne motorists could have saved up to $333 a year from filling up at the lowest point of fuel price cycles by securing the best deal.
The Fair Fuel Plan won’t change everything, but it’s one extra tool at families’ disposal to help them save at the servo – and another way to keep fuel companies transparent about the prices they set and the deals they promote.
“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.
