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Petrol prices about to soar: ‘Fill up now’

Petrol prices and person filling up car
Use the fuel price apps to get a good deal on your next tank of petrol. (Source: Getty)

Motorists have been urged to jump on cheaper petrol prices before the next fuel cycle kicks in.

Prices have already started edging up in Brisbane, according to Compare the Market’s Chris Ford, with stark differences starting to appear between fuel prices within the same suburb.

In Rocklea, Ford said there was a 41-cents-a-litre difference at two neighbouring stations.

“It's crucially important for motorists to make the most of cheaper prices while they can,” Ford said.

The average fuel price across the five biggest cities was hovering around $1.64 a litre for Unleaded 91 - well below the peaks seen earlier in the year above $2 a litre.

Lower fuel prices were largely triggered by falling wholesale prices - now sitting at a 16-week low of $1.56 per litre.

“The average Unleaded 91 prices on Australia’s east coast are now getting very close to their respective average wholesale prices, which has historically been the trigger for some retailers to start putting their prices up again,” Ford said.

Ford also said diesel prices had eased a little, with the wholesale diesel average sitting at $1.81 a litre and the retail average at $2.05 a litre.

Canberra was experiencing the highest average fuel prices across the metros, at $1.96 a litre, followed by Darwin, at $1.95 a litre.

Perth was seeing the lowest prices of around $1.60 a litre, on average.

Fuel prices may have been dropping across the major cities, but Fueltrac cofounder Geoff Trotter recently told Yahoo Finance regional areas were missing out on cheaper fuel.

He said retailers in the regions had been pocketing huge profits by not passing on the fuel excise tax cut and the falls in wholesale prices.

Don’t wait to fill up

Ford recommended filling up now while fuel was still cheap and before the fuel excise was reinstated in full in September.

He suggested using the fuel-pricing apps to find the best deal in your area.

“[They] really can help save hundreds of dollars over the course of a year, which is especially important considering the cost-of-living pinch that is being felt right across the household budget,” he said.

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