Geelong fuel prices: Plea to extend or gradually reduce excise cuts
Fuel prices are set to explode when excise cuts end but a Geelong servo magnate says there’s a “common sense” way the federal government can manage it to help families.
Geelong
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Geelong fuel prices have dropped ahead of the return of the full fuel excise at the end of the month, experts have revealed.
RACV communications head Eleanor Colonico said unleaded fuel had dropped across the city over the past fortnight.
“Prices for unleaded fuel in Geelong have dropped over the last two weeks, with the average cost starting at 180.5 cents per litre on August 24 and sitting at 167.7 cents per litre as of Wednesday,” she said.
“The trend for fuel prices over the coming weeks is difficult to predict.”
Unleaded fuel prices hovered between 159cpl to 173.5cpl across central Geelong early this week, with APCO outlets the cheapest at 157.9cpl.
According to online fuel comparison tool PetrolSpy, Metro, 7-Eleven and Ampol outlets in Corio were all selling fuel at 159.9cpl on Monday morning.
APCO director Robert Anderson suggested the return to the full excise could be done in 5 cent increments to avoid a price jump.
“It’s a bit of common sense really,” he said.
His brother and APCO co-director Peter Anderson said predictions on the rise were “crystal ball” predictions.
“We don’t know what the price is going to look like yet,” he said.
“How quickly the price of fuel climbs depends on how high the buying price is, and what point of the cycle we’re at.”
Prices are dependent on international benchmark prices, geographic area, local competition and the value of the Australian dollar.
Federal Treasurer Jim Chalmers had previously ruled out extending the excise cuts.
“We’ve been incredibly upfront before the election, during the election and after the election that we consider it too expensive to continue that petrol price relief forever,” he said recently.
“I’ve been working closely with the ACCC to make sure the servos and suppliers don’t treat Australian motorists like mugs when that excise relief comes off.”
The federal government did not respond to requests for comment.
Originally published as Geelong fuel prices: Plea to extend or gradually reduce excise cuts
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