Adelaide petrol prices set to surge: ACCC warns
DRIVERS in Adelaide may want to fill up at the servo in coming days, as Australian petrol prices are set to surge.
MOTORISTS are being urged to fill up at their tanks as soon as possible before prices surge on the back of a falling Aussie dollar, a rise in the oil price and a return to the top of the petrol cycle.
The Australian Competition and Consumer Commission says petrol prices are rising on the back the world’s oil producing nations mid-December agreement to cut production.
The cut in production is forcing world oil prices to continue to rise gradually, pushing the wholesale price of petrol higher.
To coincide with the increase in wholesale prices, Adelaide’s petrol price cycle is on the cusp of spiking, with some retailers jacking up their unleaded petrol prices as high as 143.9c/l on Thursday.
The RAA has urged motorists to shop around for retailers offering unleaded for less than 122c/l.
ACCC chairman Rod Sims said the falling Australian dollar, down about 2c against the US dollar since mid-December, was also likely to push up the prices consumers pay for fuel across the country.
“The ACCC is concerned that petrol prices are increasing in Sydney, and those in Melbourne, Brisbane and Adelaide may increase in the coming days,” Mr Sims said.
“Motorists should get in early, shop around, and consider filling their tanks before prices jump.” The consumer watchdog said its research also shows that traditionally petrol prices rise sharply before Christmas before dropping off and then creep up again in late January.
Mr Sims said drivers could use information on capital city price cycles on the ACCC website to determine the best time to purchase petrol.
He also recommended using fuel price apps to determine the lower priced sites in their area.
“Motorists are advised to consider purchasing now when petrol prices are relatively low or have not yet reached their peak, and not wait until they need to fill up,” he said.
RAA spokesman Andrew Clark said fuel retailers had held prices high for longer than what they would consider acceptable in Adelaide over the festive season.
And Mr Clark said that some retailers were trying to push up their prices again yesterday, adding: “We have spotted a number of retailers attempting to unfairly raise the price of petrol across Adelaide (yesterday).”
He said: “However, there are still retailers selling ULP for less than 122c/l, so we would encourage motorists to shop around for the best price.
“It would certainly be a good idea to fill up in the next few days. We’re also concerned at the high price of diesel across Adelaide. Motorists should shop around to pay less than 137c/l.”