With oil prices at their lowest level in a decade, many have expected the price of petrol to follow suit but this hasn’t been the case – with oil companies and retailers pocketing the difference.
On Tuesday, the ABC revealed analysis by CommSec which found the wholesale price of fuel in Singapore (where most of Australia’s fuel is imported from) dropped by 15 cents per litre since October. Australian wholesale prices have dropped 12 cents and retail prices less than 10 cents.
Despite many retailers pocketing the difference, there are a number who are passing the savings on with a huge variation in prices in our capital cities. According to the NRMA, the cheapest unleaded in Sydney is 101.9 cents per litre and the most expensive 123.9, a gap of 22 cents. In Melbourne, the price difference is even greater, ranging from 107.7 cents per litre to 149 cents, a gap of 41.3 cents according to the RACV.
With such a difference in prices, motorists will get the best deal by shopping around. In Melbourne alone, filling an average 50 litre tank could save you around $20 if you go to one of the cheaper petrol stations.
The cheapest fuel prices in capital cities can usually be found on your local motoring association’s website (such as the NRMA and RACV) or the crowd-source app Waze.