Shop around before petrol prices get higher

Peter Terlato 5 January 2017 NEWS

petrol pump woman filling up car

Buy up now before the looming price hike.

Australia's consumer watchdog is encouraging motorists to seek out the cheapest fuel prices now, as prices are set to rise across capital cities in the next few days.

Australian Competition & Consumer Commission (ACCC) chairman Rod Sims said petrol prices were already climbing in Sydney and costs may increase in Melbourne, Brisbane and Adelaide in coming days.

"While petrol prices are increasing in Sydney there are still sites with low prices, and motorists can make significant savings by using tools such as the Fuelcheck website to shop around," Sims said.

Capital city approximate peak price at latest cycle (3 January 2017)

CityPrice per litre
Sydney$1.19
Melbourne$1.23
Brisbane$1.31
Adelaide$1.22
Perth$1.39

Pump prices peaked in Sydney, Adelaide, and Brisbane in mid-December, while prices in Melbourne decreased at a slower pace in the lead up to the busy Christmas break.

Traditionally, demand for fuel falls off right after Christmas and doesn't pick up again until late January.

"While price drops over the Christmas period provided some relief for motorists, this followed some of the highest price peaks of the year," Sims said.

"Motorists were still paying relatively high prices during the lead-up to Christmas which coincides with the peak in annual petrol demand."

Over the past few months there have been conflicting fuel price estimations and determinations.

In August, the ACCC revealed that average Aussie petrol prices were at their lowest levels since 2002.

Last month, the regulator revealed a 3.8 cent per litre drop in prices over the first quarter 2016/17.

However, in an attempt to quell record levels of oversupply, the world's largest oil-producing countries agreed to cap outputs in December, driving up barrel prices and the retail cost of fuel at the bowser.

Want to be rewarded for fuelling up your car? Consider a petrol rewards credit card.

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