ACCC shares tips to save up to $740 on your fuel bill yearly
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Navigating the ever-fluctuating landscape of fuel prices can be daunting for any motorist, especially when you're trying to stretch your pension or savings as far as you can.
But what if there was a way to keep more hard-earned cash in your pocket?
The Australian Competition & Consumer Commission (ACCC) has shared some tips that could save Aussie drivers up to $740 annually on fuel costs.
Fuel prices in Australia are notorious for their volatility, particularly in urban areas. The ACCC has acknowledged the frustration this causes motorists, many of whom are already feeling the pinch from other cost-of-living pressures.
However, by understanding the fuel price cycles that occur mostly in cities, drivers can make informed decisions that lead to significant savings.
According to data from the Australian Automobile Association from early 2024, the average Australian motorist spends about $100 a week on petrol.
With geopolitical factors keeping petrol prices high, an extra 30 cents per litre during peak times can severely impact the family budget.
The ACCC has highlighted that these cycles vary by state. Perth experiences a weekly cycle, Adelaide has a fortnightly cycle, and Sydney, Melbourne, and Brisbane see cycles ranging from four to seven weeks.
The length of these cycles is also subject to change, adding to the complexity. It's important to note that diesel prices do not follow these cycles.
‘The ACCC fully recognises that petrol price cycles can be frustrating for motorists. However, by understanding how they work, motorists can take advantage of significantly lower petrol prices at the lowest point of the cycle,’ the ACCC said.
‘There are still opportunities to save on fuel. A perception may be that all retailers increase prices at once, but our research shows this isn’t the case.’
The ACCC's research suggested that not all retailers hike prices simultaneously, which is why they recommend using state-specific petrol price monitoring apps before filling up.
These apps, many of which are free, provide real-time updates on fuel prices, which stations are legally required to report within 30 minutes of a change.
This allows motorists to shop for the best deals, even during peak cycle times.
For those who fill up 50 litres of regular unleaded petrol weekly and time their purchases to coincide with the lowest point in the cycle, the savings can be substantial.
Here's a breakdown of the possible savings by state based on 2023 data:
‘The cycles involve a sharp increase in petrol prices, usually led by one or more retail sites, with many others increasing prices over time. This is followed by a slower decline in prices across the market,’ the ACCC said.
Even in areas without observed petrol price cycles, such as Canberra, Hobart, and Darwin, motorists can save a tidy sum by shopping around.
The ACCC's 2023 data also showed that while most regional locations do not experience the same cycles as the capital cities, there are exceptions.
Certain areas in New South Wales, Victoria, Queensland, and South Australia follow similar cycles, offering additional opportunities for savings.
‘Motorists in these locations can look for similar opportunities to take advantage of petrol price cycles,’ the ACCC said.
‘The petrol price cycles in some of these locations closely followed the price cycles in the capital city closest to them, while in other locations their price cycles were less regular than the closest capital city.’
To make the most of these insights, the ACCC recommended downloading government-run apps that show real-time petrol price updates.
These include FuelWatch for Western Australia, FuelCheck for New South Wales and the ACT, MyFuel NT for the Northern Territory, and FuelCheck TAS for Tasmania.
Motoring groups like the Royal Automobile Club of Queensland and the Royal Automobile Association of South Australia also provide real-time fuel price-checking apps.
MotorMouth and PetrolSpy are also good commercial fuel-price-checking apps.
Additionally, navigation apps like Waze and Google Maps provide information on fuel prices.
The ACCC website provides continuous analysis of state price trends and offers frequent purchasing advice based on the latest data.
Have you used any of these apps to save on fuel? What are your tips and tricks for keeping fuel costs down? Share your experiences in the comments below!
But what if there was a way to keep more hard-earned cash in your pocket?
The Australian Competition & Consumer Commission (ACCC) has shared some tips that could save Aussie drivers up to $740 annually on fuel costs.
Fuel prices in Australia are notorious for their volatility, particularly in urban areas. The ACCC has acknowledged the frustration this causes motorists, many of whom are already feeling the pinch from other cost-of-living pressures.
However, by understanding the fuel price cycles that occur mostly in cities, drivers can make informed decisions that lead to significant savings.
ACCC revealed ways to save up to $740 on your fuel bills annually. Credit: Shutterstock
According to data from the Australian Automobile Association from early 2024, the average Australian motorist spends about $100 a week on petrol.
With geopolitical factors keeping petrol prices high, an extra 30 cents per litre during peak times can severely impact the family budget.
The ACCC has highlighted that these cycles vary by state. Perth experiences a weekly cycle, Adelaide has a fortnightly cycle, and Sydney, Melbourne, and Brisbane see cycles ranging from four to seven weeks.
The length of these cycles is also subject to change, adding to the complexity. It's important to note that diesel prices do not follow these cycles.
‘The ACCC fully recognises that petrol price cycles can be frustrating for motorists. However, by understanding how they work, motorists can take advantage of significantly lower petrol prices at the lowest point of the cycle,’ the ACCC said.
‘There are still opportunities to save on fuel. A perception may be that all retailers increase prices at once, but our research shows this isn’t the case.’
The ACCC's research suggested that not all retailers hike prices simultaneously, which is why they recommend using state-specific petrol price monitoring apps before filling up.
These apps, many of which are free, provide real-time updates on fuel prices, which stations are legally required to report within 30 minutes of a change.
This allows motorists to shop for the best deals, even during peak cycle times.
For those who fill up 50 litres of regular unleaded petrol weekly and time their purchases to coincide with the lowest point in the cycle, the savings can be substantial.
Here's a breakdown of the possible savings by state based on 2023 data:
- Perth – $740
- Adelaide – $486
- Sydney – $407
- Melbourne – $333
- Brisbane – $242
‘The cycles involve a sharp increase in petrol prices, usually led by one or more retail sites, with many others increasing prices over time. This is followed by a slower decline in prices across the market,’ the ACCC said.
Even in areas without observed petrol price cycles, such as Canberra, Hobart, and Darwin, motorists can save a tidy sum by shopping around.
The ACCC's 2023 data also showed that while most regional locations do not experience the same cycles as the capital cities, there are exceptions.
Certain areas in New South Wales, Victoria, Queensland, and South Australia follow similar cycles, offering additional opportunities for savings.
‘Motorists in these locations can look for similar opportunities to take advantage of petrol price cycles,’ the ACCC said.
‘The petrol price cycles in some of these locations closely followed the price cycles in the capital city closest to them, while in other locations their price cycles were less regular than the closest capital city.’
To make the most of these insights, the ACCC recommended downloading government-run apps that show real-time petrol price updates.
These include FuelWatch for Western Australia, FuelCheck for New South Wales and the ACT, MyFuel NT for the Northern Territory, and FuelCheck TAS for Tasmania.
Motoring groups like the Royal Automobile Club of Queensland and the Royal Automobile Association of South Australia also provide real-time fuel price-checking apps.
MotorMouth and PetrolSpy are also good commercial fuel-price-checking apps.
Additionally, navigation apps like Waze and Google Maps provide information on fuel prices.
The ACCC website provides continuous analysis of state price trends and offers frequent purchasing advice based on the latest data.
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