A new report released by the Australian Competition and Consumer Commission (ACCC) has revealed ways that drivers in Australia’s five largest cities – Sydney, Melbourne, Brisbane, Adelaide and Perth, can save money on buying petrol.
According to the ACCC’s report on Petrol price cycles in Australia, drivers can save around $175 in Sydney, $150 in Melbourne and Brisbane, $200 in Adelaide and up to $520 per year in Perth by buying at the low point of the price cycle.
Price cycles have been a longstanding feature of retail petrol prices in Australia’s five largest cities.
They involve a sudden, sharp increase in petrol prices, usually led by one or more retail sites, with other retail sites subsequently raising their prices.
This is followed by a much slower decline back to lower price levels.
“It’s not uncommon for drivers to notice prices jumping 20 cents or more in a very short period of time, and the price you see being charged on the way to work can be very different to the one on the way home,” ACCC Commissioner Mick Keogh said.
“There’s a common perception that all retailers put their prices up or down at exactly the same time, but our research shows this isn’t the case, so if you see prices going up at one retailer, use an app to find another who hasn’t yet raised their price,” Mr Keogh said.
“For drivers who don’t use their cars that often, or drive as far, it is possible to time purchases at the low point of the cycle and pays below what it costs retailers.”
Many free apps like Fuelcheck, MotorMouth, FuelMap, PetrolSpy are available to help you decide where to buy and when with petrol prices varying as much as 20c a litre between petrol stations.
A petrol pump at a service station in Brisbane, Tuesday, Dec. 2, 2014. T Source: AAP
Information about timing the price cycles in the five major cities is also available at the ACCC website. This includes buying tips on when to buy petrol in each city.
