Summarize this content to 2000 words in 6 paragraphs It would require petrol companies to give 24 hours’ notice of prices to a new industry watchdog, which would then publish the information.Treasurer Cameron Dick would not be drawn on potential penalties for non-compliance, but said, “if we need stronger sanctions to do that, of course we will look to do that”.Queensland Premier Steven Miles and Deputy Premier and Treasurer Cameron Dick have released details of an election promise to cap petrol price increases.Credit: Matt DennienIn WA, there are $100,000 fines for companies and $20,000 fines for individuals, as well as on-the-spot fines of $1000 for immediate breaches. Non-compliant service stations are required to pay back the amount they have overcharged.Fuel Watch WA, the state’s watchdog, says it issues “about six or seven fines” a year.In areas of Queensland where competition was deemed to be lacking, a Labor government would encourage independent operators to establish service stations or introduce state-run stations.“We want to see more competition in the market; in particular more independent fuel retailers,” Miles said.The state-run service stations would also have electric vehicle charging, hydrogen and bio-diesel fuel recharging facilities.The policy has yet to be fully costed.Miles flagged the idea of using its six government-owned corporations to “deliver lower prices, more competition and price certainty to Queenslanders”, but did not elaborate.Why is this happening?RACQ research shows Greater Brisbane’s fuel cycle (shown below in red) has extended five-fold to 38 days, meaning Brisbane motorists are paying more for petrol – for longer – than motorists in other capital cities.Greater Brisbane’s fuel cycle – shown in red – shows higher fuel prices and longer price cycles. Perth shown in orange has lower prices and more frequent fuel cycle. Labor promises to adopt the WA fuel price scheme.Credit: RACQThe RACQ’s Dr Ian Jeffreys said there was no evidence the proposed changes would lead to higher average fuel prices.“At the moment when a petrol station increases their prices they will jump up by 50 to 55 cents per litre,” Jeffreys said.“So the 5¢ per litre cap will cut that back significantly.“When we look at the evidence from around Australia or overseas, it is those weekly or fortnightly cycles that have the lowest prices for fuel.”The National Retailers Association called for more consultation, while Bleijie argued modelling should have been done before Labor made its announcements.Queensland Labor wants to cap fuel price rises and open 12 state-owned service stations.Credit: Dion Georgopoulos“Steven Miles’ desperation has played straight into the hands of multinational corporations because Labor will drive out independent mum and dad operators who right now are the ones holding the big corporations accountable,” Bleijie said.
