The successful bidder for Melbourne's container port will face regular rent price reviews to prevent it abusing its market power by hiking up costs for tenants.

The state government introduced the new regulation in an attempt to appease the competition watchdog before the long-term lease of the Port of Melbourne is completed.

The Australian Competition and Consumer Commission had previously voiced concerns about skyrocketing rents for  companies using the port.

The state government announced the Essential Services Commission will conduct "periodical reviews" into whether the port's leaseholder has engaged in "misuse of the market" in setting rents at the port.

The government plans to use the proceeds from the long-term lease of the port to fund its election promise to remove 50 level crossings in Melbourne.

It hopes to raise about $7 billion by leasing the port for 50 years with an optional 20-year extension.

Treasurer Tim Pallas said the new measures would provide more protection for "competitive outcomes".

"This government believes that maximising the use of the Port of Melbourne is the best way to keep port costs down over time, which will be good news for the Victorian economy," he said.

Other changes include the public release of capacity levels at the port after the lease is finalised.

The government will also have the power to intervene  if breach of lease occurs, with the Essential Services Commission to determine the regulation of prices.

The new measures were announced minutes before ACCC chairman Rod Sims appeared at a parliamentary inquiry into the port's lease.

He said the commission remained "philosophically opposed" to compensation that would be triggered if a second port were built before the Port of Melbourne reaches capacity.

Mr Sims told the inquiry that removing compensation would mean the port owner would need to invest in its asset to ensure it did not leave a "gap for someone else to fill".

"We think competition is a better way," he said. "We've been quite upfront with the government that we agree to disagree on that topic."

The state government previously faced criticism that rents would increase by up to 750 per cent at the port. But in August the port abandoned its plan to raise the rent for stevedoring company DP World from $16 to $120 per square metre. That dispute has since been resolved.

Legislation to lease the port is yet to pass through the Victorian upper house. The Greens remain opposed to the legislation and the Opposition has also said it will not support it in its current form.

Opposition Treasurer Michael O'Brien said selling the port as a 50 to 70 year "monopoly" was bad for Victoria and would cost jobs.

"Daniel Andrews and Tim Pallas are so desperate for money that they are prepared to sacrifice the interests of generations of Victorians for a quick dollar today," Mr O'Brien said.