Yahoo Finance Aussie drivers told to ‘fill up now’ ahead of petrol price spike: ‘Not messing around’
Petrol prices are expected to hit $2 per litre in Brisbane, Melbourne and Sydney and drivers are being told to act now.
Motorists across Australia’s biggest cities are being urged to fill up at the bowser now. Petrol prices are already on the rise and are expected to spike by the weekend in Sydney, Melbourne and Brisbane.
NRMA spokesperson Peter Khoury told Yahoo Finance that Sydney and Brisbane's prices were already on the up, with average prices sitting at $1.82 and $1.80 per litre respectively. Petrol prices are expected to rise above $2 per litre, which could mean an extra $20 to fill up a standard tank.
“They are definitely going to breach the $2 mark and probably get closer to $2.10 and the rate that they’re going it won’t be that far [off],” Khoury said.
“If you are in Sydney, Brisbane and Melbourne don’t wait any longer at all … Sydney is very much on the ascendancy in terms of averages so we really want people to fill up now.”
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Khoury said retailers were “not messing around” and prices were going up at a “decent pace”.
Sydney reached the bottom of the cycle at $1.75 at the start of the week and has been increasing by about 3 cents per litre each day.
Brisbane prices have jumped from $1.76 to $1.80 per litre overnight, while Melbourne is at $1.75 per litre.
“What we are noticing is at the bottom of the cycle, the prices aren’t falling as much as they should. The wholesale price is $1.68, none of the three biggest cities got anywhere near that,” Khoury told Yahoo Finance.
Perth has a seven-day price cycle and Tuesday is the cheapest day of the week, Khoury said. Prices fell to $1.65 but have now risen to an average of $2 a litre. Adelaide is at the top of the cycle but it's falling by about 3 cents a day.
What fuel apps are available?
Drivers have been told to keep a close eye on petrol price cycles to maximise their savings at the bowser.
Aussies can use fuel price apps and websites to get near real-time prices, including the FuelCheck NSW app and website, the NT MyFuel NT website, and the FuelWatch WA website.
RACQ, RAA of South Australia and RACV also have apps, along with commercial providers like MotorMouth and PetrolSpy.
Motorists can save up to $740 with simple trick
The Australian Competition and Consumer Commission (ACCC) calculated a motorist filling up 50 litres of regular unleaded petrol could save up to $740 by filling up at the lowest point in the cycle, depending on which city they're in.
During the petrol price cycle, there will be a sharp increase in prices, usually led by one or more retailers. This is followed by others increasing prices over time, before a slower decline in prices across the market.
ACCC commissioner Anna Brakey said retailers don't all increase their prices at once. She said drivers could use fuel apps and websites to find retailers who hadn’t yet raised prices and save.
“In Sydney, Melbourne and Brisbane, average prices across the city can take up to 2 weeks to move from a low point to the highest point, giving time to notice prices going up and shop around,” she said.
“There is also often a range of petrol prices available across retail sites at all points of the petrol price cycle, including large differences at certain points.”
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