Australia markets open in 4 hours 10 minutes
  • ALL ORDS

    7,030.90
    +125.60 (+1.82%)
     
  • AUD/USD

    0.6494
    -0.0010 (-0.16%)
     
  • ASX 200

    6,815.70
    +116.40 (+1.74%)
     
  • OIL

    87.68
    +1.16 (+1.34%)
     
  • GOLD

    1,724.10
    -6.40 (-0.37%)
     
  • BTC-AUD

    31,095.41
    -28.77 (-0.09%)
     
  • CMC Crypto 200

    457.48
    -0.93 (-0.20%)
     

Aussie petrol price shocks about to get worse: 'Now is the time'

·3-min read

Fluctuating petrol prices are only going to get worse for Australians, with the government's fuel excise discount set to end next week.

Almost one-third of people interviewed by Finder in a recent study said the price of petrol was one of the expenses that were causing them the most stress.

Money expert at Finder, Sarah Megginson, said there is one thing people should be doing before the excise relief ends at 11.59pm on September 28.

"Fluctuating fuel prices are putting a lot of financial strain onto the lives of Australians, and it’s only set to get worse," she said.

"Many Australians are dreading filling up at the pump, and with the fuel excise [discount] set to end in a week, now is the time to grab cheaper fuel while it’s still available."

She also suggests people start shopping around for petrol, as it might save you a fair bit of money.

"If you've ever filled up the car and then driven past a service station 10 minutes away with a much cheaper price, you'll know it pays to shop around," Ms Megginson said, adding there were apps to help with that.

Pictured is a 7-11 petrol station and a Speedway fuel station in western Sydney.
It's worth shopping around for fuel – as sometimes it can be drastically cheaper 10 minutes down the road, or even straight across the street. Source: Supplied/Yahoo News Australia

On Wednesday, pictures shared with Yahoo News Australia show just how much fuel can differ.

On one side of Meadows Road in Mount Prichard in Sydney's west is a 7-11. On the other side is a Speedway.

One Sydney motorist noticed despite being just metres apart, the 7-11 was significantly more expensive than the Speedway.

Obviously, both are different companies, that set their own prices.

If you wanted to get the best price in the area — there's a Metro Petroleum just six minutes away from the 7-11 and Speedway that is cheaper than both, the Petrol Spy app shows.

Plan the days you fuel up

Ms Meggison stressed people really need to plan ahead, and make sure they're not waking up on the day after the fuel relief runs out to an empty tank.

She also recommends people be selective about what days they fuel up.

"Also plan the day you fill up – Tuesdays mornings are often cheapest," she said.

"I filled up my tank last Tuesday morning for 151.9 cents per litre, and by Tuesday evening it was 195.9 cents per litre. I bought 58L of fuel, a difference of $25.52."

The fuel excise relief is set to end on September 28. Source: Supplied
The fuel excise relief is set to end on September 28. Source: Supplied

Treasurer Jim Chalmers has confirmed the September 28 deadline on the temporary fuel excise cut of 22 cents per litre, citing the need for "responsible budget management" amid other increasing pressures.

The Australian Competition and Consumer Commission would have a role in ensuring prices didn't rocket once the cut ends, he said, noting plenty of fuel had been purchased by distributors at a lower price and that should be passed on to drivers.

"We're under no illusions this will be difficult for people — it's a difficult decision for us to take as well," Dr Chalmers told reporters on Tuesday.

"But we put a premium on responsible budget management; we do have to make room for these pressures ... ending that fuel excise relief next Wednesday night is part of the story."

With AAP

Do you have a story tip? Email: newsroomau@yahoonews.com.

You can also follow us on Facebook, Instagram, TikTok and Twitter and download the Yahoo News app from the App Store or Google Play.