Late last year, the Queensland Government commenced a two-year trial of new laws that require all fuel retailers to report fuel prices every time fuel prices are changed. The new laws, which came into effect on 3 December 2019, were developed following eight months of government consultation with industry stakeholders (including ACAPMA) in terms of both the scheme design and initial implementation.
The laws require that fuel retailers report changes in fuel prices within 30 minutes of making a change to the price of any fuel product on the pump. Notification of price changes can be made via a commercial arrangement with a third-party fuel reporter (e.g. Informed Sources) or lodged directly via the website (see www.fuelpricesqld.com.au)
The reported data is then made available to fuel price app developers and publishers who, in turn, make this data available to motorists via their existing consumer facing platforms (i.e. websites and mobile phone apps).
The Queensland Government has advised that more than 1400 service station sites are reporting data as at 12 April 2019, which represents 95% compliance by Queensland fuel retailers.
“The high rate of compliance by fuel retailers to date is a credit to both the co-operative approach advanced by the Queensland Government to encourage compliance and the positive efforts of the vast majority of fuel retailers to ensure their business is compliant with the new laws”, said ACAPMA CEO Mark McKenzie
“With the three-month grace period ending on Monday 15 April 2019, those retailers who have not yet complied risk being fined for non-compliance and should therefore address this issue urgently”, Mark added.
Fuel retailers not currently reporting their fuel prices should visit www.fuelpricesqld.com.au to confirm their business and site details. The website includes an easy to follow help menu that provides step-by-step guidance on how to register your business for price reporting and commence price reporting which basically comprises the four steps highlighted in the diagram below.
To support compliance with the scheme, the Queensland Government has also put in place an innovative data matching and monitoring system to check compliance and ensure fuel retailers are reporting correct prices.
“While no business likes regulation, it is fair to say that the Queensland Government has adopted a fair and reasonable approach to the introduction of fuel price reporting – an approach that has resulted in a high level of compliance with a minimum of fuss and no financial penalties to this point”, said Mark.
“Any Queensland fuel retailer failing to satisfy this requirement from Monday 15 April 2019, however, risks financial penalty”, concluded Mark