<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/victoria" rel="" target="_blank" title="Victoria "><span>Victoria</span></a><span> has introduced daily fuel price caps to prevent price-gouging at the pump, as residents are urged not to panic buy petrol.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Under the new law that comes into effect today, retailers must set their daily price of fuel at 2pm on the previous day.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That price is then capped and will apply for the 24 hours from 6am the following day.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/panic-buying-fuel-shortages-australia-inflation-hits-five-per-cent/be00a858-4fb3-417a-8452-a501dc97f297" rel="" target="_blank" title=""><strong><span>'Expected': Fuel shortage to drive up grocery prices as inflation bites</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"How often do you see a cheap price in the morning, only for it to jump by the afternoon?" Premier Jacinta Allan said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We're stopping families from getting ripped off at the servo and helping them save hundreds a year."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>While retailers can still choose to reduce the price further during the 24-hour capped period, they are not allowed to increase it.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/victoria-daily-fuel-price-caps/30128357-747a-4c09-a38f-68c1539e17a7" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The rules are hoped to put downward pressure on fuel prices.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Petrol stations that fail to register or report their prices can now face a fine of more than $3000 for each breach or $24,000 if taken to court. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The capped price will be published on the government's Servo Saver app at 4pm each day.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/big-red-bash-music-festival-out-of-a-venue-after-rare-deluge-soaks-queensland-town-of-birdsville/c958083d-447a-4b2a-abe9-fdf3ee2db66f" rel="" target="" title="Music festival out of a venue after rare weather event in outback town"><strong><span>Music festival out of a venue after rare weather event in outback town</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/finance/australia-asx-fall-us-iran-conflict-oil/683dd1fc-6f60-4295-819a-4e1e87ecaab3" rel="" target="_blank" title="Global oil prices surged 30 per cent to $US110 per barrel"><span>Global oil prices surged 30 per cent to $US110 per barrel</span></a><span> yesterday as the US-Israeli war in Iran shut the Strait of Hormuz, a narrow passage used to transport one-fifth of the world's fuel supply.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It was the first time oil prices exceeded $US100 since the aftermath of Russia's invasion of Ukraine in 2022.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Nationally, fuel prices have soared over $2 a litre as </span><a href="https://www.9news.com.au/national/fuel-shortage-australia-why-independent-stations-hit-the-hardest/fdcc047b-aeac-41aa-81d2-9cad99940605" rel="" target="_blank" title="some residents panic-buy petrol"><span>some residents panic-buy petrol</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"What we are now seeing is some service stations running low on supply and that is because Australians are buying fuel at a far greater rate than they normally would," NRMA spokesman Peter Khoury said yesterday.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Concerns have also been raised about the national fuel supply after Energy Minister Chris Bowen last week said there were only 32 days' worth of jet fuel, 34 days of diesel and 36 days of petrol available.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES: </span></strong><a href="https://www.9news.com.au/world/us-israel-attack-iran-live-updates-march-10-donald-trump-latest-world-news-headline/f56853f3-caaf-4561-a0f2-16433f810007" rel="" target="" title="Devastating US air strikes captured demolishing targets in Iran"><strong><span>Devastating US air strikes captured demolishing targets in Iran</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a 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