The Oilcode , which commenced on 1 March 2007, is a mandatory code prescribed by regulation under s. 51AE Competition and Consumer Act 2010. The purpose of the Oilcode  is ‘to regulate the conduct of suppliers, distributors and retailers in the petroleum marketing industry’.

The Code aims to improve transparency in wholesale pricing and provide better access to declared petroleum products, at a published terminal gate price (TGP). Also to help industry participants make informed decisions when entering, renewing or transferring a fuel re-selling agreement through the disclosure of specific information. 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). The Oilcode also aims to 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.

The Department of Resources, Energy and Tourism has responsibility for the code, while the Australian Competition and Consumer Commission (ACCC) is responsible for enforcing the Code where necessary.