New fuel price cycle tool lets you know when to fill-up
Posted 5th December, 2014 in Finance Tips
If you’re planning a trip to the big smoke, travelling interstate, or just going about your daily commute, the Australian Competition and Consumer Commission (ACCC) wants to let you know when it’s cheapest to buy fuel, thanks to a new price cycle tool.
The tool, available on the ACCC’s website, shows petrol price cycles for Brisbane, Melbourne, Perth, Adelaide and Sydney – with information on whether prices are likely to increase or decrease over the coming days, so motorists can decide whether to hold off or fill-up right away.
(Above: Adelaide petrol prices)
The site notes the varying cycles between capital cities, particularly Perth, were Western Australian laws dictate a more rigid price cycle.
“Price cycles are the result of deliberate pricing policies of petrol retailers, and are not directly related to changes in wholesale costs,” the ACCC says.
“The duration of petrol price cycles in Sydney, Melbourne, Brisbane and Adelaide varies from cycle to cycle, and has increased in recent years. In 2014 to date, the average price cycle duration in these cities has ranged from a low of 13 days to a high of 43 days.”
“The petrol price cycle duration in Perth is 7 days.”