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.
Speaking at the Asia Pacific Fuel Industry Forum today, ACCC Chairman Rod Sims outlined how fuel price data from websites and apps empower price-sensitive consumers. The industry can then attract these consumers through discounts to increase their sales.
Since 2016 fuel price data has been readily available to motorists from an increasing number of websites and apps. These include the NSW FuelCheck scheme, the GasBuddy app, the NRMA app and the 7-Eleven app. This information assists consumers find the best time to buy at sites with the lowest prices.
Speaking at the Asia Pacific Fuel Industry Forum, ACCC Chairman Rod Sims outlined how fuel price data from websites and apps empower price-sensitive consumers, and help drive more competitive markets in petrol retailing.
The Australian Competition and Consumer Commission report on the Australian petroleum industry for the June quarter 2017 shows that retail margins remained high despite quarterly average petrol prices in the five largest cities dropping by 3.9 cents per litre (cpl) from the March quarter to 125.2 cpl.
In 2016-17 annual average petrol prices were at their lowest levels in real terms since 2001-02 (see Chart 1).
Annual average retail petrol prices in the five largest cities were 122.6 cpl in 2016-17, slightly higher than in 2015-16 in nominal terms.