Vic: Fifteen-hour window to buy petrol before prices go up: ACCC

AAP General News (Australia)
04-16-2008
Vic: Fifteen-hour window to buy petrol before prices go up: ACCC

MELBOURNE, April 16 AAP - Motorists would get at least 15 hours notice to buy petrol
before prices increased under a government fuel monitoring scheme, Australia's consumer
watchdog says.

The FuelWatch scheme, announced yesterday by the federal government, would give motorists
more power, the Australian Competition and Consumer Commission (ACCC) says.

The ACCC will operate the scheme, which is expected to start by the end of the year
and will give consumers information about the next day's petrol prices via text messages,
email or website.

"What FuelWatch will do is give motorists much greater power," ACCC chairman Graeme
Samuel told ABC Radio today.

"They'll know when the price is going to increase. They'll also know when they're going
to decrease and they can therefore defer their buying until they (fuel prices) get to
their lowest points."

Mr Samuel said every petrol station that was part of the scheme would be required to
lodge with the ACCC their proposed fuel price for the following day.

The ACCC would then publish those prices within one hour of the information being lodged,
he said.

The price would apply from 6am the following day for 24 hours.

"You will get about a 15-hour warning if there is going to be a price increase, or
indeed you will have 15 hours' notice if there is going to be a price decrease," he said.

"You will know if a price increase is going to occur and you've got about 15 hours
to buy your petrol before it hits."

"More importantly through SMS services, through email and through our website, you
will be able to tell which service station that is reasonably close to you will be selling
petrol at the lowest prices."

Mr Samuel warned the system was not designed to save consumers money but to give them more power.

"FuelWatch is not a process whereby (consumers) might be able to shave one or 1.5 cents
a litre off their fuel costs.

"It's far more important as giving them power to understand when and where they can
buy their petrol at the cheapest price.

"At present our sellers of petrol have extraordinary power."

AAP md/gfr/jm/bwl

KEYWORD: FUELWATCH ACCC

2008 AAP Information Services Pty Limited (AAP) or its Licensors.