Prime Minister, Kevin Rudd, today announced that the Government will introduce a national FuelWatch scheme for petrol. It will be based on a similar scheme currently running in Western Australia, which requires petrol retailers to publish petrol prices for the following day and hold them at that rate for 24 hours.

Caltex CEO and managing director, Des King, who is normally opposed to additional regulations, acknowledges that the FuelWatch scheme has been received well by Western Australians, having dampened petrol cycles in that area. However, he believes that there will be both winners and losers when the new scheme is launched.

“As with any regulation, the introduction of a FuelWatch 24 hour rule across Australia will likely benefit some and disadvantage others. Motorists who fill up weekly on Tuesdays at the bottom of the normal discount cycles could be disadvantaged if price cycles become dampened. Other motorists who fill up whenever their tanks are empty could benefit if the higher points on the price cycle are dampened.”

King hopes to draw on the experience gained from the scheme in Western Australia and make it just as successful across the country. “Caltex has operated successfully as a wholesaler and retailer in Western Australia for many years under the state FuelWatch regulations. The experience Caltex has gained in Western Australia will enable the company to continue to operate successfully under a national FuelWatch scheme.”