In a bid to ease cost-of-living pressures, the Victorian government has unveiled a new “fair fuel-price plan” that will require petrol stations across the state to publicly report their fuel prices a full day before they take effect. The move aims to empower motorists to shop around for the best deals and potentially lock in lower prices for a 24-hour window.
Mandatory Price Reporting and 24-Hour Lock-In
Under Premier Jacinta Allan’s plan, over 1,500 fuel retailers in Victoria will need to announce their upcoming prices in advance. This data will feed directly into a new fuel-finder feature on the Service Victoria app, where drivers can browse the next day’s rates and lock them in for 24 hours at a station of their choice.
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.
– Victorian Premier Jacinta Allan
While acknowledging this measure alone won’t solve everything for struggling families, Allan emphasized that the potential savings from shopping around and locking in lower prices could add up to hundreds of dollars per year for the average household.
Phased Rollout and Industry Consultation
The fair fuel-price plan will be implemented in two main phases over the course of 2025. Mandatory price reporting for all fuel retailers is slated to begin within the next few months. However, the 24-hour price lock feature, along with enforcement measures and non-compliance penalties, will require supporting legislation and industry consultation before taking effect.
Allan expressed confidence that retailers will want to participate in the scheme, noting that many are already part of commercial price reporting apps. She stressed that this policy is about helping motorists find the best deals, not punishing petrol stations.
Crucial Byelection and Cost-of-Living Focus
The fuel plan announcement comes ahead of a critical byelection in Werribee next month, where over half of residents rely on cars to commute to work. With the rising cost of living and interest rates squeezing household budgets, the Andrews government is keen to demonstrate its support for struggling families.
The majority of people in this electorate do commute, either in the electorate or out of the electorate by car, and so it is a huge amount of their weekly budget, it can be over $100 every week.
– Labor candidate for Werribee, John Lister
Beyond the fuel-price plan, Premier Allan highlighted other cost-of-living relief measures like the $400 school saving bonus and free apprentice vehicle registration. She also called on the Reserve Bank to carefully consider the real-world impacts of its interest rate decisions on families nationwide.
A Step Toward Petrol Price Transparency
Victoria’s fair fuel plan represents a significant step toward greater transparency and consumer empowerment in the petrol market. By requiring stations to report prices in advance and enabling motorists to lock in lower rates, the state government aims to introduce more competition and help drivers save at the pump.
As the cost of living continues to bite, policies like this offer some reprieve for cash-strapped households. However, with the two-phase rollout extending through 2025 and many details still to be ironed out, the real-world impact remains to be seen. For now though, any measure that puts more power in consumers’ hands is likely to be welcomed by Victorian motorists feeling the squeeze.
