Recently I created the
Petrol Prices Melbourne Alert web app. This is a simple app which allows me to let family and friends know when petrol prices in Melbourne are taking a hike. We now see prices jump 20 to 30 cents a litre, which means since I usually fill up 50 litres each time, a potential saving of up to $10-$15. Really it is about getting the timing right. Miss the price hike and if you're near empty you end up wishing you'd just filled up.
On Friday I noticed the price hike so I filled up my car and let others know. Our second car needed filling up but this time I wasn't in such a hurry. I had a trick up my sleeve. The previous week I locked in 99.9 cents using the 7 Eleven Fuel app. So today we filled up the second car. Pump price was 124.9 so we saved 25 cents per litre saving $8.05.
Of course this is a great saving, but what is the 7 Eleven Fuel app really worth in terms of saving money. This answer isn't quite as simple. First the Shell around the corner with a discount voucher had a price of 122.9, so our saving compared to Shell needs to be reduced by around 64 cents.
Secondly the car still had around 30% left, so we could have run the car for another week without too much problem. I've found petrol prices drop around half to one cent per day during the cycle. In a week the price is likely to be 3.5-7 cents cheaper and that means our saving could be less if we simply waited. Around $1-$2 less.
The bottom line however is even if you reduced the saving by $2-$3 by using a shopping voucher and waiting, we still saved at least $5 and on petrol, that's the pretty good saving.
I've found 7 Eleven isn't the cheapest fuel around. However now with the ability to lock in the fuel price, if you get the timing right, the 7 Eleven fuel app gives you the chance to soften the price hike that occurs about once a month.
Since the price hikes occur roughly once a month in Melbourne, this means by being more aware of the price hikes and using the 7 Eleven fuel app and locking in a price, I can probably save a few hundred dollars a year on petrol. That's not a bad saving.
I've now developed an approach which enables me to better identify the petrol price hike. I use the
Petrol Prices Melbourne web app (
www.PetrolPricesMelbourne.com.au) to let family and friends know. I also post a public alert on Facebook and Twitter, so if others want to help their family and friends to know about the petrol price hike they can as well.
Kelvin Eldridge