Report claims Coles and BP are overcharging for petrol

A new report by the consumer watchdog suggests Coles and BP are overcharging motorists for petrol.

The ACCC findings released today revealed Australians are paying more than they need to for at the pump.

The new data found fuel prices varied significantly by retailer, with Coles Express the most expensive on average across the five main capital cities, while Woolworths and independents ranked generally the cheapest.

A new report by the consumer watchdog suggests many people are paying more than they need to for petrol. Source: AAP

Coles Express petrol stations are charging four cents a litre more than Woolworths, and nine cents a litre more than the cheapest service station chains, according to the report.

BP is also accused of swindling drivers, taking 3.5 cents per litre more than the average across all retailers.

• How two grandfathers survived a freezing night lost in the bush

• Neighbours reveal chilling details about gunshots heard during WA family massacre

• ‘Look after yourself and Daddy’: Mother’s last letter to son before she died

The difference in prices on average across retailers ranged considerably across each city, from 9.5 cents per litre recorded in Sydney, to 3.6 cents per litre in Melbourne in 2017.

“Independent chains were the lowest priced in each of the five major cities and Woolworths was generally below the market average price in most cities,” ACCC Chairman Rod Sims said.

“Average prices at Coles Express were the highest in all five cities, and average prices at retail sites where BP and Caltex head office sets the retail price were generally above the market average price.”

The ACCC suggested switching brands could save significant dollars at the pump. Source: AAP

The study also found most consumers tend to go to the same petrol station every time they fill up, so the ACCC suggested switching brands could save significant dollars at the pump.

“Retailers’ prices are not the same, they price differently and have different strategies to get you to fill up with them,” Mr Sims said.

“Shopping around has the added benefit of increasing competition by putting pressure on retailers who charge the most to lower their prices or risk losing customers.”

The ACCC has urged consumers to download fuel watch apps to find the best deals.