Over the last week or so something I've never seen since I've been monitoring petrol prices in Melbournre happened. The average gate price (think wholesale) dropped and kept dropping. First there was the hit because of the coronavirus and then Russia dropped out of OPEC+ and Sudia Arabia apparently started producing more oil further pushing down the price of a barrel of oil. The price of a barrel of oil I read had dropped 20% and could drop another 10%. Whilst it does indicate things are not good for the world economy, it does mean cheaper fuel prices. That is until we get the next price hike which started in Melbourne late Friday.
The average gate price on Friday had dropped to around 113.0. At the time of the last price hike the average gate price was 126.2, the time before 133.9, so we've seen a good drop in the average gate price and that usually means a drop in the retail price.
Previously, as I've mentioned many times, the price hike was usually between 25-30 cents per litre, but more recently we've been hit with a more significant price hike of around 40 cents per litre. With the current price hike and petrol prices hiking up to 159.9, that means we're seeing a massive price hike of around 46 cents per litre. That's a staggering price hike and I really can't see why the media isn't jumping up and down on this.
The last price hike prices dropped over 10 cents fairly quickly as those that hiked their prices early, were already dropping prices, whilst the late price hikers were still hiking up prices. That meant shopping around could save a considerable amount.
Now's the time to start carefully watching petrol prices and fill up those petrol tanks soon. Then if you're using the 7 Eleven Fuel app, wait a couple of days if you can, and lock in the low price for another week.
With the coronavirus now impacting Victorians I can see myself in general using my car less. Less trips to the shops and more staying at home, or visiting family and friends. Less going to places where there's lots of people. It's just the world we currently live in at the moment.
Take care everyone.
Kelvin Eldridge
www.PetrolPricesMelbourne.com.au
Update: 26/03/2020
Recently the press has picked up petrol prices are significantly higher than they should be. Some may call this profiteering by the petrol retailers. The ACCC has made some noise and said all they could do is to name and shame.
https://thenewdaily.com.au/finance/consumer/2020/03/19/petrol-prices-coronavirus/
Perhaps this has had an effect as the recent price hike figure for more recent retails appears to be 139.9 and sometimes 135.9. That's a quick 20 cent drop for may retailers.
Still, with the average gate price today at 90.1 cents per litre for unleaded petrol, it looks like 139.9 is still price gouging.
Shop around. There's still plenty of petrol stations with prices around 113.9 or less. If you're lucky to be in the west around Laverton, prices are in the 90s.
Sadly we get no relief from the huge 61 cents per litre of Federal tax.
The average gate price on Friday had dropped to around 113.0. At the time of the last price hike the average gate price was 126.2, the time before 133.9, so we've seen a good drop in the average gate price and that usually means a drop in the retail price.
Previously, as I've mentioned many times, the price hike was usually between 25-30 cents per litre, but more recently we've been hit with a more significant price hike of around 40 cents per litre. With the current price hike and petrol prices hiking up to 159.9, that means we're seeing a massive price hike of around 46 cents per litre. That's a staggering price hike and I really can't see why the media isn't jumping up and down on this.
The last price hike prices dropped over 10 cents fairly quickly as those that hiked their prices early, were already dropping prices, whilst the late price hikers were still hiking up prices. That meant shopping around could save a considerable amount.
Now's the time to start carefully watching petrol prices and fill up those petrol tanks soon. Then if you're using the 7 Eleven Fuel app, wait a couple of days if you can, and lock in the low price for another week.
With the coronavirus now impacting Victorians I can see myself in general using my car less. Less trips to the shops and more staying at home, or visiting family and friends. Less going to places where there's lots of people. It's just the world we currently live in at the moment.
Take care everyone.
Kelvin Eldridge
www.PetrolPricesMelbourne.com.au
Update: 26/03/2020
Recently the press has picked up petrol prices are significantly higher than they should be. Some may call this profiteering by the petrol retailers. The ACCC has made some noise and said all they could do is to name and shame.
https://thenewdaily.com.au/finance/consumer/2020/03/19/petrol-prices-coronavirus/
Perhaps this has had an effect as the recent price hike figure for more recent retails appears to be 139.9 and sometimes 135.9. That's a quick 20 cent drop for may retailers.
Still, with the average gate price today at 90.1 cents per litre for unleaded petrol, it looks like 139.9 is still price gouging.
Shop around. There's still plenty of petrol stations with prices around 113.9 or less. If you're lucky to be in the west around Laverton, prices are in the 90s.
Sadly we get no relief from the huge 61 cents per litre of Federal tax.
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