The Victorian Government has introduced a daily cap on petrol prices, requiring fuel retailers to set and publish their prices a day in advance in an effort to prevent sudden price rises at the pump.
Premier Jacinta Allan announced that the government’s anti-price gouging laws came into effect today, forming the next stage of its Fair Fuel Plan.
Under the scheme, retailers must set their price for the following day by 2pm. The capped price is then published at 4pm on the Servo Saver platform and will apply for 24 hours from 6am the next day. Stations can reduce prices during that period but cannot increase them.
The rules also carry financial penalties. Petrol stations that fail to register or report their prices face fines of more than $3,000 for each breach, or more than $24,000 if the matter proceeds to court.
Announcing the change, Ms Allan pointed to the frustration motorists often face when fuel prices shift during the day.
“How often do you see a cheap price in the morning, only for it to jump by the afternoon?” she said.
“We’re stopping families from getting ripped off at the servo and helping them save hundreds a year.”
The price-setting system is designed to give motorists more certainty when planning where and when to refuel. Prices published through the government’s platform remain fixed for the following day, allowing drivers to compare options in advance.
Under the scheme, retailers must set their price for the following day by 2pm. The capped price is then published at 4pm on the Servo Saver platform and will apply for 24 hours from 6am the next day. Stations can reduce prices during that period but cannot increase them
Minister for Consumer Affairs Nick Staikos said the new rules aim to improve transparency and encourage competition between retailers.
“The new 24-hour price cap will help you shop around for the best deal and put more downward pressure on prices,” he said.
The system builds on the government’s Servo Saver tool, which was introduced last October through the Service Victoria app as the first stage of the Fair Fuel Plan.
Since its launch, more than 265,000 Victorians have used the tool to compare fuel prices. Government estimates suggest motorists using the app could save up to $333 a year.
Minister for Government Services Danny Pearson said the platform gives drivers access to price information before they leave home.
“The Service Victoria app is putting fuel price information in your pockets to make life easier and more affordable,” he said.
Local MPs have also pointed to the potential benefits for households managing rising living costs.
Member for Werribee John Lister said the system would assist families in Melbourne’s outer suburbs where driving is often essential.
“With this app, we’re helping families across Wyndham get the best deal and save money,” he said.
The government says the new rules aim to reduce unexpected price spikes and provide motorists with clearer information about where to buy fuel. Retailers must comply with the reporting requirements from today as the daily price cap takes effect across Victoria.
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