As part of Victoria’s Fair Fuel Plan, service stations are now required to be transparent with their pricing updates quickly – the final state in Australia to enforce this rule.
Starting today, Victorian petrol retailers are now required to be more upfront with updating prices as soon as possible.
Under Victoria’s Fair Fuel Plan, service stations need to report price changes within 30 minutes and notify when a fuel type becomes temporarily unavailable to Service Victoria.
This is to aid motorists in making more informed decisions about where and when they buy their fuel.
Since January, when the proposal began, the Department of Government Services consulted with industry groups that represent hundreds of fuel retailers.
Over 20 meetings later, including an open feedback submission period, the regulation was enacted this month.
Victoria is the last Australian state to make these timely updates a requirement, a fact that previously hindered Victorians from accurately comparing competitors' offerings.
On the Compare the Market app, it promotes the notion that timing is everything when it comes to finding cheap petrol.
Compare the Market’s Chris Ford told Drive that “the move has been a long time coming”.
“Governments in Queensland, New South Wales, Western Australia, Tasmania and South Australia have had mandatory reporting systems in place for years,” Ford said.
“Victoria was the only state that didn’t benefit from live-to-the-minute reporting on fuel prices before these new fuel price reporting regulations.
“Retailers weren’t duty-bound to post live prices, which meant they would often go days without updating their information.
“Without fast, reliable price information, motorists were forced to drive around to find the best prices.
“We know that petrol is a huge part of most family budgets, so this is a really common-sense decision.”
Ilana is a Melbourne-based journalist who was previously a copywriter in the Big Apple. Having moved to Melbourne for her Master of Journalism, she has written articles about food, farm machinery, fashion, and now the fast and furious. Her dream car has been a Mini Cooper since the fifth grade, eyeing its style and petite size.
