Motorists to save as Victorian petrol prices predicted to fall to five-year low

New data reveals Victorian fuel prices will crash in time for the holiday period, delivering mass savings as families continue to face cost-of-living pressures.

Victorians are set to save at least $60-70 as fuel prices plummet over the Christmas period, new data from the NRMA has revealed.

The announcement comes as cost-of-living pressures continue in the lead up to the holiday period, with fuel prices playing a major role in Christmas cost blowouts.

As part of the nationwide Fuel FOMO campaign, Victorians are encouraged to make the most of cheaper fuel through the Service Victoria and the NRMA apps. For the first time, Victorians will have access to “real-time data” after legislation was passed in October for “mandatory fuel price reporting”.

NRMA spokesperson Peter Khoury says “real-time data” will be available to Victorians for the first time. Picture: John Appleyard

Nationally, fuel prices are on average the lowest they’ve been since 2021, with Victorian Christmas holiday prices set to hit their lowest in five years.

The average price of regular unleaded in Melbourne currently sits at 202 cents per litre, with the NRMA hoping it will fall to an average in the “mid to high 160s” over the coming weeks.

Currently, less than 3 per cent of service stations monitored on the NRMA app are selling fuel below $1.70 per litre. However, NRMA spokesperson Peter Khoury predicts that number could be as high as 40 per cent between Christmas and New Years.

“By the time we get to that point, there are going to be a lot more bargains,” he said.

“If you’re going away for Christmas … hold off [from filling up] because the closer you get to Christmas, the cheaper the prices will be.”

Victorians can expect to see “significant” savings as fuel prices come down. Picture: Aaron Francis

Melbourne ranks fifth across Australia’s major cities for average regular unleaded price, but the average price is about 9 cents cheaper than in 2024.

Khoury expects the savings to be “significant” and is encouraging Victorians to utilise the real-time data to make the best choice to save the most amount of money.

“If you’re a savvy shopper when it comes to filling up, you maximise your savings,” he said.

“The further you go, the smarter you are, the more savings you’ll have.”