Victoria Announces Plan to Lock Petrol Prices for 24 Hours Daily

The state government aims to tackle cost-of-living pressures by requiring fuel retailers to report and freeze prices daily, with legislation expected later this year.

• The Victorian government has unveiled the Fair Fuel Plan, requiring petrol stations to lock in fuel prices for 24-hour periods and report price changes in advance.
• A new fuel price tracking feature will be added to the Services Victoria app, allowing motorists to compare prices across more than 1500 petrol retailers in real-time.
• Legislation to enforce the plan, including penalties for non-compliance, will be introduced later in 2025, following industry consultations.
• Advocates, including the NRMA, support the initiative for increasing transparency and potentially saving families hundreds of dollars annually, while critics warn it may unintentionally raise average fuel prices by limiting competition.
• The policy mirrors Western Australia's FuelWatch system but has drawn mixed reactions from industry groups and opposition leaders, who demand more details on implementation and enforcement.

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