Tag #Market Intervention

How might the mandatory 24-hour price freeze affect competition and average fuel prices in Victoria?

The policy mandates daily price reporting and a 24-hour price cap at petrol stations, aiming to provide consumers with accurate fuel price information via the Service Victoria app. This contrasts with existing apps using crowdsourced data, potentially increasing price accuracy and consumer choice. The Australasian Convenience and Petroleum Marketers Association expressed concern that the price freeze might reduce competition and increase average prices.