Illinois HB3583 establishes the Motor Fuel Minimum Markup Act, setting minimum prices for motor fuel sales to prevent deceptive pricing practices.
HB3583, known as the Motor Fuel Minimum Markup Act, aims to regulate the sale of motor fuel in Illinois by setting minimum markup prices. It prohibits retailers, wholesalers, and refiners from selling motor fuel below a specified cost, which includes the invoice cost or replacement cost, plus applicable taxes and a markup. The markup is determined by the OPIS plus one cent or the average posted terminal price plus a markup. The Act also requires notification to the Attorney General if prices are lowered to meet competitor prices.
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