Last night I noticed one Woolworths Petrol station had increased their price to 149.9. I like to wait until at least two Woolworths Petrol stations increase their price before letting others know. When multiple Woolworths Petrol stations increase their price this usually means prices are starting to increase. Today a second Woolworths Petrol station increased their unleaded price.
Checking prices yesterday a small number of BP and Caltex petrol stations had also increased their prices.
How quickly prices will rise is anyone's guess, but now is a good time to start watching petrol prices. Usually prices can take at little as two days to increase, but more often than not around four days. One time prices took over a week to increase to the new high. I use the Woolworths Fuel app to keep an eye on prices around me.
If you're using the 7 Eleven fuel app to lock in a low price for another week, it's hard not to lock in too quickly wasting the opportunity if the prices stay low for longer than expected. Use PetrolSpy to keep an eye on 7 Eleven fuel prices around Melbourne. Also remember, you can lock in a price when you're in another area and not just around your area. I've locked in 7 Eleven prices from the other side of Melbourne and once whilst sitting in an aeroplane at Sydney airport. PetrolSpy may not be accurate and it's best to recheck prices using the 7 Eleven fuel app.
For those wondering how come the last price increase went up to 169.9, but this time the price is only increasing to 149.9, the reason is the terminal gate price (think wholesale price) has dropped considerably. When prices increased last the average terminal gate price for Melbourne went up to 147.1 on the 12th of October. The average terminal gate price for Melbourne is currently 117.5 and has not yet bottomed out.
Prices usually go up 25-30 cents per litre so we'd expect prices to peak around 144.9 to 149.9. A welcome relief from the 169.9 of the last increase.
At times when prices peak it is not uncommon for some areas around Melbourne to increase to the new peak, whilst for a while, prices are still dropping in other areas. With the average terminal gate price still dropping, it will be interesting to see what happens to petrol prices around Melbourne in the coming week.
Kelvin Eldridge
https://www.PetrolPricesMelbourne.com.au
Checking prices yesterday a small number of BP and Caltex petrol stations had also increased their prices.
How quickly prices will rise is anyone's guess, but now is a good time to start watching petrol prices. Usually prices can take at little as two days to increase, but more often than not around four days. One time prices took over a week to increase to the new high. I use the Woolworths Fuel app to keep an eye on prices around me.
If you're using the 7 Eleven fuel app to lock in a low price for another week, it's hard not to lock in too quickly wasting the opportunity if the prices stay low for longer than expected. Use PetrolSpy to keep an eye on 7 Eleven fuel prices around Melbourne. Also remember, you can lock in a price when you're in another area and not just around your area. I've locked in 7 Eleven prices from the other side of Melbourne and once whilst sitting in an aeroplane at Sydney airport. PetrolSpy may not be accurate and it's best to recheck prices using the 7 Eleven fuel app.
For those wondering how come the last price increase went up to 169.9, but this time the price is only increasing to 149.9, the reason is the terminal gate price (think wholesale price) has dropped considerably. When prices increased last the average terminal gate price for Melbourne went up to 147.1 on the 12th of October. The average terminal gate price for Melbourne is currently 117.5 and has not yet bottomed out.
Prices usually go up 25-30 cents per litre so we'd expect prices to peak around 144.9 to 149.9. A welcome relief from the 169.9 of the last increase.
At times when prices peak it is not uncommon for some areas around Melbourne to increase to the new peak, whilst for a while, prices are still dropping in other areas. With the average terminal gate price still dropping, it will be interesting to see what happens to petrol prices around Melbourne in the coming week.
Kelvin Eldridge
https://www.PetrolPricesMelbourne.com.au
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