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Aussies brace for petrol pain as fuel excise cut ends

Fuel pumps at a petrol station and Australian currency.
Aussies are bracing for petrol price hikes now that the fuel excise cut has ended. (Source: Getty)

Petrol prices are expected to jump from today after the fuel excise cut officially came to an end last night.

Motorists were benefitting from the cut, which was in place for six months, to ease hip pocket pain at the bowser.

But as of last night, the fuel excise relief came to an end.

The NRMA suggests petrol prices are expected to rise 25.3 cents per litre over the next 1-2 weeks.

The current average price of unleaded petrol is around 190 cents per litre – so prices could hit 215.3 cents per litre over the coming weeks.

How to save at the petrol pump

A recent report from the ACCC revealed how much money motorists could save by avoiding buying petrol at the peak of the price cycle.

The analysis found there was six days in the last six months when petrol prices were at their peak.

The ACCC said if motorists didn't buy E10 fuel on those peak price days they could save an average of 2.6 cents per litre in Sydney.

“Motorists who fill up weekly can make substantial savings by avoiding the six most expensive days in the price cycle,” ACCC chairman Rod Sims said.

“Motorists that can fill up less frequently, however, and therefore buy petrol when prices are falling can save much more.

Sims said using comparison apps could save motorists thousands of dollars, and help them avoid peak price times.

“Use fuel price transparency apps or websites to find the most competitive fuel price near you,” Simms said.

“There can be significant price differences between sites at different points in the price cycle, so motorists that shop around can save themselves a lot of money.”

Finder money expert Sarah Megginson said Aussies can also get a better deal depending on which day of the week they buy their petrol, and should take advantage of special offers.

“Plan the day you fill up – Tuesdays mornings are often cheapest,” Megginson said.

“If you have to spend money on petrol, you might as well get rewarded for it with points. BP Rewards, Flybuys and Everyday Rewards also let you redeem points for cash off your fuel spend.”

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