With fuel prices jumping, Victoria is cracking down on fuel retailers price gouging
The Victorian government announced on Tuesday that the state is enforcing anti-price gouging laws that force fuel retailers to set a daily cap on fuel prices and publish it in advance.
Retailers now have to set their price for the following day by 2pm and this is published on Servo Saver by 4pm. This price will apply for 24 hours from 6am the following day.
According to the NRMA weekly fuel report for 9 March the average price for unleaded fuel in Sydney was 217.2 cents per litre, with an average rise of 23.8 cents a litre last week. The average diesel price in Sydney was 224.2 cents per litre and rose 45 cents per litre last week.
In regional areas, the average price for unleaded rose 29.1 cents per litre while diesel rose by 33.5 cents per litre.
The ACCC announced earlier this week that it will commence weekly market updates as part of its increased scrutiny of fuel retailers’ behaviour.
- Subscribe to our free weekly newsletter to receive the latest news in the earthmoving industry
- Never miss a great deal and subscribe to our monthly magazine
- Download a free copy of our latest digital magazine to catch up on the biggest news and developments in the earthmoving industry
“We know the impact that higher prices are having on Australian consumers. We have been watching pricing behaviour closely since the outbreak of recent hostilities in the Middle East and will take action against any case of misleading consumers about the reason for the steep and rapid increase in prices by individual retailers or any breaches of the competition provisions,” ACCC Commissioner Anna Brakey says.
“We are closely watching market behaviour and if there is conduct that is collusive or misleading or deceptive, we will investigate it and take action where appropriate.”
In addition, the ACCC is urgently exploring measures to assist with diesel distribution issues in regional and rural areas, in partnership with other relevant agencies.
“We are aware of concerning reports about diesel availability in regional and rural Australia. We know how critical diesel supply is to primary producers, transport businesses and many others, so we are prioritising our work to assist with this,” Brakey says.
“The ACCC is able to authorise conduct, such as coordination or agreements relating to distribution, where it provides a net public benefit. We stand ready to receive an application for authorisation.”