Petrol prices in Melbourne: Avoid peak times to beat the bowser

DRIVERS who avoid filling up at the peak of Melbourne’s petrol price cycles can collectively save tens of millions of dollars a year.

DRIVERS who avoid filling up at the peak of Melbourne’s petrol price cycles can collectively save tens of millions of dollars a year.

The nation’s consumer watchdog is urging motorists to use fuel price websites and apps to check the best and worst times to buy.

The advice comes as analysts warn rising global oil prices are expected to cause more pain at the bowser as Christmas holidays approach.

“Motorists need to get used to paying $1.30-$1.40 a litre for petrol rather than the $1.10-$1.20 a litre that prevailed mid-year,” CommSec chief economist Craig James said.

In Melbourne, it can take as long as six weeks for pump prices to ease from the high to low point of each fuel cycle.

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Motorists have been warned they need to get used to paying $1.30-$1.40 a litre for petrol. Picture: iStock

Australian Competition and Consumer Commission analysis has found if motorists had avoided buying unleaded petrol on the 10 days around price cycle peaks in the six months to September, they’d have paid about 3.8c a litre less on average.

That equated to about $124 million in annual petrol savings, it said.

Those who needed to fill up more frequently could pocket an average 2.3c a litre saving by not buying on the six most expensive days in the price cycle, the ACCC said.

MotorMouth, GasBuddy, 7-Eleven and Woolworths are among smartphone apps that publish price data to help identify the best time to buy at outlets with the lowest prices.

“For those seeking to save money, a little effort can see large savings,” ACCC chairman Rod Sims said.

“Our advice for those looking to save even more, say 15 to 20 cents per litre, or $9 to $12 a tank, is to time your purchases by using the price cycle advice on the ACCC website, then use fuel price transparency apps or websites to find the most competitive fuel price near you.”

The RACV says a mandatory “real-time” fuel price reporting system should be introduced in Victoria to better help drivers shop around and encourage competition.

The motoring body has called on the state government to adopt a FuelCheck scheme, like that in New South Wales, in a submission to a fuel inquiry. The NSW service includes a government-run website.

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@KarenCollierHS