The Oilcode came into effect on 1 March 2007 as a prescribed industry code of conduct under the Trade Practices Act 1974 (the Act). The Oilcode forms part of the Australian Government’s Downstream Petroleum Reform Package.
This package included the:
repeal of the Petroleum Retail Marketing Sites Act 1980
repeal of the Petroleum Retail Marketing Franchise Act 1980
prescription of the mandatory Oilcode under section 51AE of the Act.
The purpose of the Oilcode in general terms is to regulate the conduct of suppliers, distributors, and retailers in the downstream petroleum retail industry.
The Oilcode aims to:
improve transparency in wholesale pricing and provide better access to declared petroleum products, as defined in the Oilcode, at a published terminal gate price (TGP)
assist industry participants to make more informed decisions when entering, renewing or transferring a fuel re-selling agreement by requiring the disclosure of specific information
improve the operating environment for all industry participants by providing access to a cost-effective and timely dispute resolution scheme as an alternative to litigation.
