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.
The Australian Competition and Consumer Commission’s tenth quarterly report on the Australian petroleum industry has found that the quarterly average price for petrol in the March quarter 2017 was 129.1 cents per litre (cpl), which is the highest since the September quarter 2015 (133.2 cpl).
Prices in the five largest cities (i.e. Sydney, Melbourne, Brisbane, Adelaide, and Perth) increased by 7.1 cpl. Retail prices in Perth were the highest with the average retail petrol price in Perth reaching 132.1 cpl.