The Finocchiaro CLP Government is using Australia’s first real-time, government-led artificial intelligence model to monitor fuel prices and track fuel company behaviour.
This tool calls out fuel suppliers and operators who try to artificially or gradually hike prices without justification.
It is another action by the CLP to support Territorians dealing with cost-of-living challenges.
Fuel suppliers who try to sell off old, cheaper stock at higher prices to Territorians and tourists will be targeted by Australia’s first real-time, government-led artificial intelligence model to monitor fuel prices and track petrol company behaviour.
The Finocchiaro CLP Government’s advanced AI tool will quickly call out fuel suppliers and operators who try to artificially or gradually hike prices on old, lower-cost stock that does not reflect actual wholesale price rises, international events, or Federal excise changes.
The tool will also look to weed out suppliers who collude to jack up prices.
Introduced earlier this month by the NT Government, the model cross-references retail pump prices against multiple datasets, including wholesale Terminal Gate Prices (TGP) and logistical data.
Treasurer and Minister for Logistics and Infrastructure Bill Yan said the new AI capability had transformed the Government’s ability to monitor and analyse fuel prices.
“We are the first jurisdiction in Australia to use AI against fuel price gouging, and it is already giving us market insights far beyond anything we had before,” Minister Yan said.
“If retailers and wholesalers try to jack prices up – either independently or through collusion – we see the data, and we know straight up who isn’t doing the right thing.
“When Territorians are doing it tough because of the cost-of-living crisis caused by Canberra, it’s pretty low to be trying to flog off old fuel bought at cheaper prices at inflated margins.
“This model will expose dodgy operators looking to jack up fuel prices because of a front-page news story, or beyond what’s acceptable when the next Federal excise increase kicks in.
“We are putting the power back into the hands of Territorians from Darwin to Alice Springs and everywhere in-between.”
Minister Yan warned that the Government would act if the AI flags predatory pricing behaviours.
“We won’t hesitate to publicly call these operators out or hand the evidence over to the ACCC if needed, because the evidence will be all there – packaged up and ready to send.”
The AI rollout follows a series of strong steps taken by the CLP Government to protect local households and businesses from hip-pocket pain.
In March, the Government activated the Price Exploitation Prevention Act 1949, putting fuel companies on notice and paving the way for the strict 24-Hour Fuel Price Lock to stop midday price hikes. The Territory also signed away its GST windfall to ensure Territorians received an extra 5.7 cents per litre of relief at the pump.
Through rigorous enforcement of these new price lock rules, NT Consumer Affairs recently handed down infringement notices totalling nearly $40,000 to two non-compliant fuel retailers caught charging more than their advertised price.
Minister Yan confirmed he had again written to fuel retailers and wholesalers across the Territory to remind them of their legal and ethical obligations.
“I have let them know our Government expects a completely transparent and responsible approach to fuel pricing when the Federal excise increases in July,” Minister Yan said.
