Melbourne petrol prices falling before Christmas
In good news for motorists, fuel prices in Melbourne are on the way down as we approach Christmas. Here’s when you should fill up to get the cheapest fuel.
VIC News
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Petrol prices in Melbourne are on the way down and are unlikely to rise before Christmas.
Australian Competition and Consumer Commission chairman Rod Sims said prices in Melbourne, Sydney, Brisbane and Adelaide were “currently heading down towards the bottom of the price cycle”.
“Drivers, if they can, should delay filling up until closer to Christmas,” Mr Sims said.
Prices were not expected to increase until later in December, he said.
Melbourne’s average unleaded price on Thursday was 126.7c a litre, according to MotorMouth.
Mr Sims suggested motorists monitor price cycles to figure out the best time to buy, and to use website and apps to find the cheapest service stations in their area.
The ACCC’s latest petrol monitoring review confirms prices in Australia’s biggest cities hit 10-year highs in October, but had fallen significantly since.
Melbourne, on average, had the second most expensive petrol of the nation’s five major cities from July to September at 148c a litre, behind Brisbane.
The difference between average retail and average wholesale prices was also the second highest at 11.7c a litre. The measure, a broad indicator of gross retail margins, does not include other retail operating costs.
Melbourne’s daily average prices for unleaded peaked at 165.2c a litre in late October.
By the end of November, they had plummeted to 125.8c a litre.
The ACCC said significant crude oil price fluctuations were the main reason for dramatic petrol price swings in recent months.
“Huge spikes in crude oil prices in September and October hit drivers hard, with petrol prices soaring to 10-year highs,” Mr Sims said.
This unfortunately shows how we are captive to decisions made by the OPEC (Organisation of the Petroleum Exporting Countries) cartel.”
The surge was mainly due to production cuts.
The crude oil price then fell substantially last month amid concerns about a global trade war, and a boost in United States’ shale oil production.
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