A new plan in an Australian state will limit fuel price increases by placing a cap on servos.

The state government of Victoria has recently announced a new plan that aims to provide relief to drivers from the unpredictable fluctuations in petrol prices. Premier Jacinta Allan revealed the "fair fuel plan" today, which will enforce petrol stations to publicly disclose any changes in prices and lock them in for 24 hours. This initiative will require over 1500 petrol retailers to announce their daily fuel prices in advance and limit price increases to once a day. The goal is to prevent price gouging and alleviate the burden on motorists in Victoria.

According to Allan, this plan could potentially save Melbourne drivers up to $333 every year if they fill up their tanks at the cheapest point of fuel. She acknowledged that consumers are well aware of how fuel prices can constantly change, sometimes even multiple times a day. The "Fair Fuel Plan" may not completely solve the issue, but it is an additional tool that families can utilize to save money at the pump. It also promotes transparency among fuel companies, ensuring that they are held accountable for the prices they set and the deals they offer.

Allan clarified that the plan is not meant to punish retailers, but rather to assist motorists. In other words, it is designed to benefit everyday citizens and not harm businesses. Currently, petrol price reporting in Victoria is voluntary, but with this new plan in place, it will become mandatory. The implementation of this plan will take place gradually throughout 2025, giving motorists enough time to familiarize themselves with the changes.

Thanks to the fuel finder feature on the Service Victoria app, drivers will be able to conveniently check the best petrol prices in their local area 24 hours before they take effect. This data will be collected and displayed on the app, making it easier for people to plan ahead and save money. To stay updated with all the latest news, sports, politics, and weather, you can download the 9NEWS app, available on both the Apple App Store and Google Play. With this app, you can also receive notifications straight to your smartphone.

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