Fuel retailers in the Northern Territory are now required to lock in prices for 24 hours, with penalties for those who fail to comply.
The changes prevent retailers from increasing fuel prices within a 24-hour period once published, though they may still lower them.
Strict penalties apply for non-compliance, including fines of up to $18,900 for individuals and $94,500 for corporations.
Offences include failing to report prices on time, increasing prices within the 24-hour period, or selling fuel above the reported price.
Marie-Clare Boothby, Attorney-General of the Northern Territory, said the reform was designed to provide certainty for consumers and protect against price exploitation.
“Fuel is an essential component in all areas of the economy – from mining and gas, agriculture and construction, to our most basic services and amenities.
And while we can’t control global conditions or national decisions, we are doing what we can to protect the interests of Territorians.
“From today, fuel retailers in the Northern Territory are required to ‘lock-in’ their fuel prices for a full period of 24 hours, to give Territorians certainty when they’re paying at the pump.”
Under the new system, retailers must report the price of each prescribed fuel between 8.30am and 2.00pm for the following day.
Prices will be published at 2.30pm and take effect from 6.00am the next day.
“While many retailers are doing the right thing, let me be very clear: compliance isn’t optional.
You will face consequences if you try to rip Territorians off,” Boothby said.
The move follows the government’s activation of powers under the Price Exploitation Prevention Act 1949, which allows fuel to be classified as a declared good.
“For the first time in history, I exercised powers under the Price Exploitation Prevention Act, putting fuel retailers on notice that we won’t tolerate price gouging and classifying fuel as a declared good under the Act,” Boothby said.
During updates to the system, retailers will continue reporting prices through the MyFuel NT platform, though public-facing price information may be temporarily unavailable.
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