The Victorian Government has announced it wants to ban fuel companies from increasing prices more than once per day.
Under the, ‘fuel retailers’ would be required to share their fuel prices with the Government a day in advance. The data would be available on the Service Victoria app.
The Government says it needs to consult with the industry before introducing a bill to Parliament this year.
Victorian Government
Victorian Premier Jacinta Allan saidcould save people “hundreds of dollars a year.”
“We will require fuel companies to publicly report their fuel price changes the day before — and lock them into that price for 24 hours,” Allan said.
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Opposition
Labor will need to negotiate with the Opposition or minor parties in the Upper House to pass the proposed law.
VIC Shadow Minister for Consumer Affairs Tim McCurdy criticised the policy, saying it could lead to higher fuel prices by reducing competition.
“When Federal Labor explored this policy, they found the scheme would lead to increased fuel prices because of reduced competition, leaving motorists paying more at the bowser. Jacinta Allan… has decided she knows best,” McCurdy said.
