Today I noticed a number of petrol stations rising their price for unleaded petrol to 149.9 so it looks like it's petrol price hike time again.
What has been really weird over the past week has been price drops of up to 4 cents per day. I've not seen that happen before so felt something very unusual was happening in the petrol market. Secondly, since I've been following the petrol price over the last year the pattern has been fairly consistent. The petrol price drops to around or below the average gate price (wholesale price) and then returns to the peak which is around 25-30 cents higher than the low price.
Usually the drop from the peak to the low price point happens at around half to one cent per day. Basically that means the price drops over three to four weeks. Sometimes longer, sometimes shorter. Quick drops like we've recently seen aren't usual.
Second, the low price point of the average gate price has not been reached or passed. We've still seeing prices around the high 120s. The average gate price is around 124.
I can only guess that as we approach Christmas and the holiday period the petrol companies wanted to drop the price rapidly so the price could be raised back to the peak to get a better return from people going on holidays. Otherwise at the normal rate of the price dropping, those travelling would have had excellent petrol prices. Now that's not going to happen.
There's been one false price hike I've seen where prices for some petrol stations went up early and this still could be the case. However, there's far more this time so it really does look like the price hike is happening.
Time to shop around and fill up those tanks. For those using the 7 Eleven fuel app, watch the prices and lock in the low price in the near future.
Kelvin Eldridge
https://www.PetrolPricesMelbourne.com.au
What has been really weird over the past week has been price drops of up to 4 cents per day. I've not seen that happen before so felt something very unusual was happening in the petrol market. Secondly, since I've been following the petrol price over the last year the pattern has been fairly consistent. The petrol price drops to around or below the average gate price (wholesale price) and then returns to the peak which is around 25-30 cents higher than the low price.
Usually the drop from the peak to the low price point happens at around half to one cent per day. Basically that means the price drops over three to four weeks. Sometimes longer, sometimes shorter. Quick drops like we've recently seen aren't usual.
Second, the low price point of the average gate price has not been reached or passed. We've still seeing prices around the high 120s. The average gate price is around 124.
I can only guess that as we approach Christmas and the holiday period the petrol companies wanted to drop the price rapidly so the price could be raised back to the peak to get a better return from people going on holidays. Otherwise at the normal rate of the price dropping, those travelling would have had excellent petrol prices. Now that's not going to happen.
There's been one false price hike I've seen where prices for some petrol stations went up early and this still could be the case. However, there's far more this time so it really does look like the price hike is happening.
Time to shop around and fill up those tanks. For those using the 7 Eleven fuel app, watch the prices and lock in the low price in the near future.
Kelvin Eldridge
https://www.PetrolPricesMelbourne.com.au
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