Making fuel price reporting permanent a no brainer

The State’s peak motoring body has called for the permanent introduction of mandatory price reporting in Queensland, after a new Griffith University study found south east Queensland motorists saved $14 million per year.

The fuel price reporting trial required all retailers to provide up-to-date information to allow drivers to check real-time prices online or using apps for any site in Queensland. 

Throughout the trial, motorists were found to have checked petrol prices on comparison apps and websites more than 600,000 times per month, compared to less than 350,000 in 2018.

RACQ Head of Public Policy Dr Rebecca Michael said the evidence was clear there was a demand for real time data and the trial had resulted in considerable savings for drivers at the bowser. 

“We know from this report and our own analysis price transparency has had a dramatic impact on competition in the market, and given drivers the power to compare prices and be savvy on how and where they spend their money to fill up the tank,” Dr Michael said.

“We’ve had more than 130,000 downloads of our RACQ Fair Fuel Finder app since the commencement of the trial and almost 38,000 active users every month.  

“As a result of this trial we have seen genuine change to pricing. We’ve seen more cheap days and a drop in average prices across Queensland, particularly in the south east where it’s estimated drivers saved $14 million in first year of the trial.

“We fought hard for drivers to have free accessible information to make more informed decisions, and now that we know it’s working, it’s time to make the trial a permanent fixture.”

Dr Michael urged motorists to continue supporting the scheme and shopping around to get the best deals in their area.

“Prices will always fluctuate, but this is a simple way drivers can make informed decisions and create greater competition by rewarding the retailers charging fair fuel prices.”