Fuel prices at their lowest for the year as motorists urged to fill up

Motorists have been urged to head to the bowsers while the going is good after petrol prices in Melbourne this week plummeted to their lowest point in 2018.

Motorists are in for some relief at the petrol pump. Picture: iStock

Motorists have been urged to head to the bowsers while the going is good, after petrol prices in Melbourne this week plummeted to their lowest point this year.

Fortunate timing has meant that Victoria’s fuel cycle has bottomed out just as thousands of drivers hit the road over the holiday period.

The average retail price for unleaded petrol was on Thursday sitting at 121.4c a litre after peaking at 144.2c a litre in the first week of December.

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But RACV’s vehicle engineering policy manager Michael Case said prices could surge at any time, so now was the best time to fill up the family car.

“Retail prices are at their lowest point in 2018 but the problem is that cycles are irregular and unpredictable,” he said.

“A rough guide would be about three weeks per cycle and we’re currently about two weeks into this one. You would expect the cheaper fuel to last another week but there’s simply no guarantee.

“What is not in doubt is that right now is a really good time to buy.”

It comes after Australia’s petrol prices soared to a 10-year-high earlier this year, with average costs reaching 159.9c a litre in October.

“What I’ve seen since those peaks is a significant decline in both wholesale and retail prices by as much as 30c in the last month,” Mr Case said.

“Motorists tend to think that fuel goes up just before Christmas, Easter and other traditional holidays. Our research shows that this not necessarily the case and it really is a matter of where the cycle is.”

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Mr Case said most parts of regional Victoria had their own price fluctuations that could vary from town to town.

“Fuel can vary between centres and if you plan ahead you can save significant amounts of money just by driving further down the road,” he said. “Many people are travelling long distances at this time so it is worth knowing where the savings are to save quite a lot of money on a tankful.

“Melbourne is relatively cheap at the moment but when this cycle ends it might become more expensive than other parts of the country.”

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