LATEST UPDATE: Firefighters have stopped the spread of the scrub fire near Peterbrouogh area and fire activity has subsided.
The fire is now listed as under control.
The Great Ocean Road is still closed west of Peterborough township. A traffic diversion is in place using the Old Peterborough Road and smoke may be visible in the area.
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EARLIER: The threat message for a scrub fire near Peterborough has been downgraded.
The Department of Environment and Primary Industries (DEPI) downgraded the Watch and Act message to an Advice message just after 4.30pm.
Firefighters are continuing to work to stop the spread of the fire.
EARLIER: Fire crews are continuing to fight a blaze at the Bay of Islands near Peterborough.
Country Fire Authority crews from Peterborough, Nirranda South, Port Campbell, Lower Heytesbury and Nullawarre have been called in to fight the fire which is estimated at three hectares in size.
Staff from the Department of Environment and Primary Industries are also on the scene.
Aerial appliances have been called in as a precaution.
The CFA has issued a watch and act message, saying the fire could impact the Great Ocean Road any time between 3.30 and 4.30pm.
The fire, which started in the Bay of Islands car park, is travelling through coastal shrub towards the road which has been closed.
The CFA has urged people nearby not to wait, but leave now, saying it is the safest option.
"Conditions may change and get worse very quickly. Emergency Services may not be able to help you if you decide to stay."
Vicroads has closed the road from Dances Road to Macs Street. Traffic is being diverted along Old Peterborough Road.
The CFA has declared tomorrow a day of Total Fire Ban in the South West district as well as the Mallee, Wimmera, Northern Country, North East, Central and North Central districts
It is also advising people living in areas at risk of fire to activate their bush fire plans.