Petrol price cycles infuriate drivers but a new report out today explains how they work and ways that drivers in Australia’s five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) can save money by buying petrol at the bottom of the price cycle.
The ACCC’s Report on petrol price cycles in Australia, provides an in-depth look at how price cycles work and how motorists can use them to their advantage.
New data released today shows Australians have more choice than ever before when buying petrol. Consumers are encouraged to take advantage of this increased choice by shopping around to maximise the benefits of offerings like cheaper fuel, loyalty programs, convenience store items and even in-store cafes.
Average petrol prices increased by seven per cent in the past three months, hitting a four-year high in real terms of around 145 cents per litre (cpl) in Australia’s largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth), according to the ACCC’s latest petrol monitoring report.
Drivers feeling the pinch of high petrol prices should use price cycle information and fuel price websites and apps to shop around, as petrol prices in some cities reached their highest levels in almost four years in May.
Under its current petrol monitoring direction the ACCC produces industry reports on aspects of consumer interest in the fuel market.
Average petrol prices in Australia’s five largest cities increased significantly in the December 2017 quarter and hit their highest levels since 2015, according to the ACCC’s latest quarterly petrol report.
The ACCC found that average petrol prices in Sydney, Melbourne, Brisbane, Adelaide and Perth increased by 12.6 cents per litre in the quarter to 135.1 cents per litre.
The ACCC’s September quarterly report on the Australian petroleum industry reveals how much money motorists can save by avoiding buying petrol at the peak of the price cycle.
ACCC analysis has found if motorists in Sydney had simply avoided buying E10 on the six days around the price cycle peaks in the previous six months, they would have paid on average around 2.6 cents per litre (cpl) less.