What is the Pump Act?
The Pump Act is a law that imposes limits on how much motor fuel retailers can charge consumers. The aim of the act is to protect consumers from unfair prices, allowing them to get the most out of their ‘fill-ups’.
What Does the Pump Act Do?
The Pump Act prevents motor fuel retailers from charging excessively high prices. It also ensures that consumers are aware of what they’re paying, making sure they are not taken advantage of.
What You Need To Know
If you’re a motor fuel retailer, there are a few things you need to know about the Pump Act:
- Set maximum prices:The Pump Act sets maximum prices for different types of motor fuel. This means retailers cannot charge more than the set price per litre.
- Display the price: Motor fuel retailers must post and display an updated price list within two kilometres of their store. The price list must clearly display the motor fuel price and any applicable discounts.
- Refund excess payment: If a retailer charges more than the maximum price, they must immediately refund any excess payment to the consumer.
- Recorded transactions: Retailers must keep records of transactions for up to two years after the transaction has taken place.
The Pump Act is an important law for motor fuel retailers. It helps to ensure that consumers don’t get taken advantage of, and that they get the most out of their fill-ups. If you’re a motor fuel retailer, make sure you’re aware of all the details of the Pump Act so you can operate your business within the law.