Experts urge drivers to fill up NOW as petrol prices suddenly drop — ‘We have no idea whether they’re going to be sustained long term’
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Good news for motorists! Over the past week, petrol prices across Australia have decreased by more than 20% from their all-time highs in July after it was recorded that the national average pump price dropped by 8.1 c to $1.73 per litre from a recent peak of $2.12.
Now, Australian drivers are being encouraged to take advantage of falling petrol prices, which experts noted were at the 'lowest levels we have seen in some time', and fill up immediately.
While it can be assumed by many that Australia's petrol price cycle was about to bottom out, National Roads and Motorists' Association (NRMA) spokesperson Peter Khoury cautioned that it might soon start to rise again.
He explained: 'They’ve been falling now for several weeks in accordance with the price cycle, but they have definitely fallen to levels we haven’t seen for some time.'
Mr Khoury noted that Sydney's average price reached $1.62 on Monday, the lowest level since April.
'We are almost at the bottom of the cycle,' the spokesperson added.
'But also, we know oil prices have been falling steadily since hitting those high points that we saw in June.'
'The average in the middle of June for regular unleaded in Sydney was $2.19. It’s now at $1.62. That gives you an idea of how much oil prices have fallen.'
Motorists observed a massive petrol price drop since costs peaked in the first week of July. Credit: Cars Guide.
Mr Khoury said that it is unclear how long the price relief will stay, describing the petrol costs as 'volatile.'
He remarked: 'The falls are highly volatile ... we have no idea whether they’re going to be sustained long term.'
'What we do know is that over the last two or three weeks it’s been pretty consistent, driven largely by concerns about the global economy.'
While it has taken almost 50 days for prices to reach this low, the NRMA representative predicted that they would quickly rise again.
'That’s just the unfortunate reality of price cycles nationally is that when they go down, they go down very slowly, and when they jump, they absolutely skyrocket,' he continued.
'So, at some point in the coming days, possibly later this week, we will see that price cycle turn. And that’s why it’s really important for (motorists) to fill up today or tomorrow.'
'Keep a very close eye because you’re going to see lots of service stations that are below $1.60.'
In the event that petrol prices increase once more, drivers will have to wait until the end of the subsequent price cycle. It is also important to note that the length of each cycle depends on the state of the global market.
Mr Khoury said that petrol prices are unpredictable so it is important to take advantage of the rollback immediately. Credit: The Centre for Independent Studies.
So, if you're looking to fill up your vehicles before petrol costs skyrocket again, here's where you can discover the cheapest prices around your postcode:
Sydney
According to real-time petrol price monitor PetrolSpy, Sydney's inner west has the cheapest cost, with Sydenham's Payless Fuel providing 154.8 for a tank. Franks Automotive in Marrickville comes in second, offering a price of 156.0.
Melbourne
The least expensive metro stations are at Carlton and Collingwood, with petrol costing 157.9 and 159.9, respectively.
Brisbane
In Brisbane, the cheapest petrol can be found at Puma Wilston, Grange Auto Care, or Puma Grange for 159.5.
Adelaide
Petrol is available in Adelaide for 153.5 at X Convenience Prospect and Woolworths Ampol Nailsworth.
Perth
The United Petroleum gas stations in Northbridge, Mount Lawley, and East Victoria Park offer the best value for drivers' money with prices that are tied at 156.5.
Puma is also offering petrol for 156.7 in Yokine, the second best price in the area.
Canberra
Canberra's prices haven't yet dropped as much as the rest of the nation, with Metro Petroleum Fyshwick having the lowest prices at 179.9 and BP Fyshwick having the highest at 182.9
Darwin
Darwin is the most expensive city for drivers, with FuelXpress Winnellie providing the best value at 189.5, while the price at United stations in Darwin (Smith Street), Parap, Ludmilla, Winnellie Roadhouse, and BP Winnellie is 195.5.
Hobart
The price of petrol is 176.9 at BP Moonah, Coles Express Moonah, Ampol Moonah, and Ampol Central Moonah.
So, there you have it, folks! It might be wise to take advantage of these rollbacks as prices remain unpredictable given that the Russia-Ukraine war is still affecting the supply and logistics of petroleum.
Will you be filling up your tanks? Let us know your thoughts in the comments below. Also, if you know other tips for saving on fuel, feel free to share them with us so other members can use them too!
Now, Australian drivers are being encouraged to take advantage of falling petrol prices, which experts noted were at the 'lowest levels we have seen in some time', and fill up immediately.
While it can be assumed by many that Australia's petrol price cycle was about to bottom out, National Roads and Motorists' Association (NRMA) spokesperson Peter Khoury cautioned that it might soon start to rise again.
He explained: 'They’ve been falling now for several weeks in accordance with the price cycle, but they have definitely fallen to levels we haven’t seen for some time.'
Mr Khoury noted that Sydney's average price reached $1.62 on Monday, the lowest level since April.
'We are almost at the bottom of the cycle,' the spokesperson added.
'But also, we know oil prices have been falling steadily since hitting those high points that we saw in June.'
'The average in the middle of June for regular unleaded in Sydney was $2.19. It’s now at $1.62. That gives you an idea of how much oil prices have fallen.'
Motorists observed a massive petrol price drop since costs peaked in the first week of July. Credit: Cars Guide.
Mr Khoury said that it is unclear how long the price relief will stay, describing the petrol costs as 'volatile.'
He remarked: 'The falls are highly volatile ... we have no idea whether they’re going to be sustained long term.'
'What we do know is that over the last two or three weeks it’s been pretty consistent, driven largely by concerns about the global economy.'
While it has taken almost 50 days for prices to reach this low, the NRMA representative predicted that they would quickly rise again.
'That’s just the unfortunate reality of price cycles nationally is that when they go down, they go down very slowly, and when they jump, they absolutely skyrocket,' he continued.
'So, at some point in the coming days, possibly later this week, we will see that price cycle turn. And that’s why it’s really important for (motorists) to fill up today or tomorrow.'
'Keep a very close eye because you’re going to see lots of service stations that are below $1.60.'
In the event that petrol prices increase once more, drivers will have to wait until the end of the subsequent price cycle. It is also important to note that the length of each cycle depends on the state of the global market.
Mr Khoury said that petrol prices are unpredictable so it is important to take advantage of the rollback immediately. Credit: The Centre for Independent Studies.
So, if you're looking to fill up your vehicles before petrol costs skyrocket again, here's where you can discover the cheapest prices around your postcode:
Sydney
According to real-time petrol price monitor PetrolSpy, Sydney's inner west has the cheapest cost, with Sydenham's Payless Fuel providing 154.8 for a tank. Franks Automotive in Marrickville comes in second, offering a price of 156.0.
Melbourne
The least expensive metro stations are at Carlton and Collingwood, with petrol costing 157.9 and 159.9, respectively.
Brisbane
In Brisbane, the cheapest petrol can be found at Puma Wilston, Grange Auto Care, or Puma Grange for 159.5.
Adelaide
Petrol is available in Adelaide for 153.5 at X Convenience Prospect and Woolworths Ampol Nailsworth.
Perth
The United Petroleum gas stations in Northbridge, Mount Lawley, and East Victoria Park offer the best value for drivers' money with prices that are tied at 156.5.
Puma is also offering petrol for 156.7 in Yokine, the second best price in the area.
Canberra
Canberra's prices haven't yet dropped as much as the rest of the nation, with Metro Petroleum Fyshwick having the lowest prices at 179.9 and BP Fyshwick having the highest at 182.9
Darwin
Darwin is the most expensive city for drivers, with FuelXpress Winnellie providing the best value at 189.5, while the price at United stations in Darwin (Smith Street), Parap, Ludmilla, Winnellie Roadhouse, and BP Winnellie is 195.5.
Hobart
The price of petrol is 176.9 at BP Moonah, Coles Express Moonah, Ampol Moonah, and Ampol Central Moonah.
So, there you have it, folks! It might be wise to take advantage of these rollbacks as prices remain unpredictable given that the Russia-Ukraine war is still affecting the supply and logistics of petroleum.
Will you be filling up your tanks? Let us know your thoughts in the comments below. Also, if you know other tips for saving on fuel, feel free to share them with us so other members can use them too!
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