24-hour fuel price lock takes effect today, giving Territorians certainty at the bowser.
Stronger reporting rules, transparency measures, and penalties for fuel retailers who do the wrong thing.
Further demonstration of the Finocchiaro CLP Government's strong action on fuel.
From today, a new 24-hour price lock on fuel takes effect. Under the changes, once a price is published, fuel retailers will not be able to increase their prices for a period of 24 hours - however, they can lower them.
Attorney-General, Marie-Clare Boothby said that the price lock was an important measure to keep the Territory moving.
"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," Minister Boothby said.
"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," Minister Boothby said.
The decision amends Regulation 5 of the Consumer Affairs and Fair Trading Regulation 2017 which regulates fuel retail in the Northern Territory. Strict penalties are set to apply for retailers who fail to comply, with fines of up to $18,900 for individuals and $94,500 for corporations.
Offences include failing to report prices within the requisite time-frame; increasing prices within the 24-hour lock period; or selling fuel at a price which is more than what has been reported.
Retailers will be required to report the price of each prescribed fuel between 8.30 am and 2.00 pm for the following day. Prices will be published at 2.30 pm and will take effect from 6.00 am 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."
This latest move comes after the Attorney-General's unprecedented move in activating powers under the 77-year-old Price Exploitation Prevention Act 1949.
"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."
As the system is updated, fuel retailers must continue to report prices through MyFuel NT, but public-facing prices may be temporarily unavailable during that system update period.
