Fuel Watch Scheme Welcomed by Opposition

The Territory Opposition has applauded the decision by the Rudd Government to establish a national fuel watch system.

"A fuel watch system is long overdue, particularly in the Territory where we regularly pay the highest prices in the nation,” says Terry Mills, Leader of the Opposition.

"Giving customers' information on fuel prices for a 24 hour period will produce sharper competition in the market place.

"Fuel watch will enable consumers to quickly compare the various prices on offer in their town and buy accordingly.

"People are very price sensitive about petrol, so I'm sure consumers will head to the stations offering the best price.

"A greater price awareness amongst consumers will provide a powerful incentive for retailers to offer a lower price.

"This won't be a magic bullet for rising fuel prices but it should produce modest savings for motorists.

"The Territory Opposition has been advocating a similar fuel watch scheme for more than 12 months.”

The ACCC (Australian Competition and Consumer Commission) will be notified each day at around 2pm by retailers across the country as to their proposed price for the following 24-hour period, retailers will be required to adhere to that price for the same period and the ACCC will make that information available to the public.

2008-04-15