Victoria Implements Fuel Price Caps for Motorists

The Victorian government has announced a 'Fair Fuel Plan' aimed at aiding families with cost-of-living pressures by introducing mandatory fuel price reporting and locking in prices for 24 hours. Under this initiative, over 1,500 fuel retailers will be required to report their price changes the day before implementation, providing real-time data through a new feature on the Service Victoria app. Premier Jacinta Allan emphasized that this measure could save motorists hundreds of dollars annually, as data suggests consumers could have saved up to $333 in 2023 if better informed about fuel price cycles. While prices cannot increase throughout the day, retailers retain the ability to lower prices as needed. However, some industry groups have expressed concern that the policy could unintentionally lead to higher average fuel prices. The plan is set to be phased in during 2025, pending legislative approval.