Wasted time using PetrolSpy to get cheaper petrol.

The other day I worked out using PetrolSpy I was going past a cheaper petrol station and could save around 30 cents per litre. The detour was minimal so well worth the effort. Here's what PetrolSpy displayed.

However when I got to the 7 Eleven petrol station this is what I saw.

"Shop still open, fuel upgrade underway". As they say, "not happy Jan".

With PetrolSpy I've found a number of times the low priced petrol listed isn't correct so I like to have a second source to crosscheck the price. For example using the 7 Eleven Fuel app or the Woolworths Fuel app.

What was interesting is when I later checked the 7 Eleven website I found 7 Eleven had not updated the price of petrol for nearly two weeks. 

So 7 Eleven was feeding bad information to the PetrolSpy app and since the PetrolSpy app was updating the information regularly was just putting when PetrolSpy updated the information (in this case about an hour ago). So PetrolSpy gave the impression the price had recently been submitted making it more credible, whereas the information posted by PetrolSpy was recent, the information was nearly two weeks old. PetrolSpy should be vetting the data they receive more carefully.

One of the problems obtaining cheap petrol is the apps are only as good as the information provided. Sometimes the apps receive poor information from the petrol companies (such as this case), sometimes the apps are slow at getting the latest information (I've seen this at a Woolworths Petrol station where the price was lower than PetrolSpy and Woolworths own app) and my biggest concern is users providing misleading information either in error (E10 being listed as unleaded) or for some agenda that I'm not aware of. To get around these situations I usually find it best to have a couple of options. In this case I went a Woolworths Petrol station further along my route and saved around $9-$10. This doesn't seem like a lot of money for the effort, but I'm happy to save money when I can, as long as I don't waste money (fuel and other costs) doing so.

Kelvin Eldridge
www.PetrolCostCalculator.com.au

Petrol price hike Melbourne - Unusual dual price hike.

I noticed around the 28th of August petrol prices in Melbourne had already started hiking to 147.9 cents per litre, then something unexpected happened. I started to see a second price group at 129.9 appear. Some petrol stations jumped to 147.9 whilst others hike their prices to 129.9.

At the moment there's really a lot of difference in prices around Melbourne from around 104.7 to 147.9. It really is worth shopping around when there's such a range of prices.

The price hike this month didn't wait to get down to the wholesale/gate price of 104.6 on the 28th of August. What I did notice was the petrol had dropped to around 108-110 cents per litre when the price hike started to occur. 

A hike of around 40 cents per litre really is too much, but I can't help thinking the behaviour of the petrol industry long term will help to destroy their own industry. The more the petrol industry puts the public offside, the more likely people will more quickly move to electric cars. It won't be because they're cheaper, it will be because you don't have to put up with the silly petrol price cycle behaviour and ridiculous price hikes. Who knows, we may see one last push of low prices and no price hikes as the petrol industry gasps it's last breath, although sometime businesses in this situation charge more to keep their margins as they know, those who haven't moved probably won't for some time.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol price hike alert and update on Petrol Prices Melbourne site.

For some time I've been posting petrol price hike alerts as posts on this blog. From today the price hike information will appear on the Petrol Prices Melbourne site, as I feel that is possibly the best place for the information to appear.

On the Petrol Prices Melbourne page up until now, I've only published the current gate price (think wholesale price). This is to keep people aware of the gate price so when the retail price (pump price) gets close to the gate price, it's time to keep an eye on petrol prices. From now on when I notice the petrol price hike starts, I'll post the price petrol is hiking to and the date I noticed the petrol price hike start.

There's a couple of other things I'd like to share this month. The 7 Eleven fuel app has been updated so now only runs on Android mobiles with Android version 8 or above. Since my mobile runs Android version 7, I can no longer use or install that 7 Eleven fuel app. I can't justify updating my mobile as the cost of a new mobile would be a number of years petrol saving. The 7 Eleven fuel app is a good app to lock in the low price for another week. If you need to top up weekly this will give you a saving 12-13 times of year, which could add up to around a $200 saving (more if your household have multiple cars). For me that saving is less as I only top up every 2-3 weeks. With COVID-19 I can probably last from one price hike cycle to the next. In addition, with Woolworths' and Coles' discount vouchers, the price is nearly always cheaper at Coles Express or Woolworths Petrol than 7 Eleven.

The second change is Woolworths have updated their petrol app and all I can say is I don't like it at all. In fact I feel it's a waste of time. It's much harder to see the price of petrol around me and really, the PetrolSpy app can now do anything the Woolworths Petrol app can do plus a lot more.

The way I now use the PetrolSpy app is to help me see how the prices around me are looking. I open the app which is set on my currently location. I zoom out twice using the minus for the zoom. That gives me overview of a reasonably large area around me. Then I press what looks like the menu hamburger which shows me a list of petrol station prices starting with the lowest price first. To see how far the price hike has progressed I quickly scroll until the prices end (you'll see petrol stations with no prices). Then by scrolling back through the petrol stations with the hiked price, I can get an idea of what proportion of petrol stations have increased their price. As you scroll back further you'll see a big jump/drop to the current low price. As petrol stations all increase their prices the big jump/drop will go and prices will then all be around the new price. There will be a few cheaper priced petrol stations for a short while. Then as the petrol price cycle continues you'll see the price range will increase and that's where you can save perhaps 10 cent a litre by shopping around. As the petrol price cycle continues finally most of the petrol stations will have dropped their prices to the bottom (somewhere near the gate price) and we're ready for a new price hike to occur.

One other site I find useful to give an overview of how far the current price hike has progressed is the Motormouth site when used on a notebook computer. When I open Motormouth on the notebook and zoom out a couple of times I can see the proportion of red dots to green dots and that gives me a rough idea of how far the current price hike has progressed.

In summary, I no longer use the 7 Eleven fuel app, deleted the new Woolworths Petrol app and really only use the PetrolSpy app as required to check local prices and get an idea of prices further away. PetrolSpy often has poor data, but for 7 Eleven and Woolworths Petrol prices, these are usually good (can be a bit slow updating) as I feel this data is provided by the retailers and not by end users. For other petrol retailers the data can be missing, but if it's there, I'm cautious with trusting the data as often when I've tried to check out a cheap petrol price shown on PetrolSpy, the petrol station isn't that price at all.

That's about  all for this post. Because the petrol price hike information will be on the Petrol Prices Melbourne site I'll only write blog posts if something I feel may interest others.

Kelvin Eldridge

www.PetrolPricesMelbourne.com.au

Petrol price hike Melbourne. Petrol prices appear to be hiking to 118.9. Update 135.9.

Yesterday I noticed a number of petrol stations around Melbourne had increased their unleaded price to 118.9. I couldn't help but wonder if this is the start of the price hike. It is hard to tell because the hike is around 20 cents per litre and I've not seen such a small hike before. Previously prices were hiking over 40-45 cents per litre and before that they regularly hiked around 25-30 cents per litre. To see such a relatively small hike is a bit perplexing. Why so small? I simply don't know.

The wholesale price (average gate price) in Melbourne yesterday was 97.2. The price was up to 97.7 on Wednesday after gradually increasing from the low 80 cent range.

If the price hike is occurring, I suspect the price will take a while to come through and may be in full swing by the end of next week.

In essence, it's time again to keep an eye on petrol prices.

One recent change from 7 Eleven I thought was interesting is you no longer need to have money on an account to lock in their fuel price for a week. This means anyone can now download the 7 Eleven Fuel app, sign up and lock in low prices for a week. Have two people in the family lock in prices at different times and there's no longer the stress of wondering if you have left locking in as long as possible. That certainly makes the 7 Eleven Fuel app even more useful. Now spending the remaining credit I have on the Fuel app isn't going to be easy, but 7 Eleven have stated they'll send information about transferring the money to a gift card so I can still use the remaining money.

Kelvin Eldridge

Petrol Prices Melbourne

Update: 3/06/2020

Today the new price hike appears to now be going up to 135.9 cents per litre. Because of the coming long weekend it's extra important to keep an eye on petrol prices. It's hard to say if there's going to be a quick increase across the board, or a slow and steady increase. The long weekend would normally mean prices would go up quickly across the board, but there's a high probability people may still not be going away, so the long weekend isn't that important to the petrol retailers at the moment. We'll soon see what the future brings.

Melbourne Petrol Price Hike Alert - Unleaded petrol increasing to around 119.9.

Two nights ago I noticed the first signs of the petrol price hike. Some petrol stations had increased to 121.9 and others to 119.9. Today it looks like the new price is going to be around 119.9.

The current gate price (think wholesale price) is 89.9. The gate price has been slowly increasing since April 20, when the gate price was 80.5. The price hike for unleaded petrol is around 30 cents per litre which is lower than it has been for many months. Typical price hikes recently have been around 40 cents per litre or more. Perhaps it's because the price of unleaded petrol is low, a 40 cent price increase could really get some bad press.

It's now time to keep an eye on petrol prices and fill up when the price is still low. Also keep in mind the & Eleven Fuel app enables you to lock in 7 Eleven fuel prices for an additional week. Recently 7 Eleven changed their offer so you no longer need to have credit on your rewards card to take advantage of locking in the cheaper petrol prices.

I can't help thinking we're not going to see such low prices, perhaps ever in my lifetime. The coronavirus has certainly had a major impact in many ways.

Even less with a discount voucher.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol price Melbourne price alert: Unleaded petrol price increasing to 159.9 cents per litre.

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.

Petrol price alert - Petrol prices in Melbourne increasing to 173.9 cents per litre for unleaded petrol

Last night I noticed the first of the Woolworths Petrol stations increasing their price to 173.9. Checking other services stations and there's spots where prices have started to increase. It looks like the current petrol price hike is starting.

With the current average gate price (think wholesale) at 126.2 this would put the price jump as one of the largest for years at nearly 50 cents (47.7 cents) above the average gate price. Something doesn't feel right. When prices were jumping 25-30 cents above the average gate price there was a lot of noise coming from the government. This time nothing. Doesn't really make much sense but that's the way it is.

For us consumers all we can do is manage when we buy or petrol. Now is the time to start watching the price of petrol and fill up around half way through the price hike part of the cycle. It's currently Wednesday so there's a good chance the price hike will complete sometime next week.

What appears to be happening however, is as the remaining petrol stations increase their prices, prices in some areas may have already dropped by perhaps 10 cents a litre, so shopping around if you need petrol can make quite a difference.

My approach is to keep an eye on the petrol prices around me, factor in when I'll be driving, how far (such as a longer trip around Melbourne) and fill up when I feel the time is right. Yes a pain, but it saves a few hundreds dollars a year. In addition I'll watch and wait and lock in the lower price using the 7 Eleven Fuel app. That way I get nearly another week at the lower prices. By then we're often around half way through the cycle and prices have dropped by half the hike. The longer you hang on at this point the greater the saving. Of course often we can't change our need to drive, but sometimes we can slow it down a bit.

With prices well under the 128 mark in quite a few areas, this has been a lower price than we've had for a while.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol prices in Melbourne hiking to 175.9

A couple of nights ago I noticed the first signed of petrol prices starting to hike. The price hike will take the price of petrol to 175.9.

The average gate price on Wednesday was 135.6 cents per litre so a hike to 175.9 is what would be expected based on recent price hikes.

At the moment prices around Melbourne down to around the 130-133 mark. So far around 20% of petrol stations have put their prices up. Last time the price hike took some time to roll out, perhaps it will be the same this time.

It's time to keep an eye on petrol prices and fill up before the petrol price cycle peaks. Also don't forget to lock using the 7 Eleven Fuel app to give yourself an extra week of lower priced fuel.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol prices in Melbourne are on the rise to 174.9 cents per litre for unleaded.

Late Wednesday night I noticed the first signed of petrol prices starting to hike. The price hike will take the price of petrol to 174.9.

For the past couple of years when the petrol price hiked it would consistently jump between 25-30 above the average gate price (think wholesale price), but now for the last few months the price jump is closer to the 40 cent mark. I'm quite surprised the media hasn't caught on and nothing is being said from the ACCC. The average gate price on Wednesday was 135.5 cents per litre so a hike to 174.9 is what would be expected based on recent price hikes.

At the moment prices around Melbourne can go as low as 127.9 at Woolworths Caltex in Patterson Lakes, less with a discount voucher. There's plenty of places in the low 130's. Woolworths tends to be better value with a discount value than Coles Express, but sometimes Coles Express can surprise you.

It's time to keep an eye on petrol prices and fill up before the petrol price cycle peaks. Also don't forget to lock using the 7 Eleven Fuel app to give yourself an extra week of lower priced fuel.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol prices Melbourne petrol price hike.

Last Thursday I noticed the petrol prices around Melbourne had started to increase to the higher price of 173.9 for unleaded fuel. As of today around 40% of petrol stations have increased their prices.

The average gate price (think wholesale) was 136.6 cents per litre. The price hike is in the expected range of 35-40 cents above the average gate price. The lowest prices around Melbourne dropped quite a bit below the 136.6 down to under the 130 mark.

There's still around 60% of petrol stations yet to have increased their petrol prices.

I noticed a number of petrol stations around Bayswater that have prices under the 130 mark and since I'll be going down the Eastern Freeway I'm hoping to be able to lock in a better price using the 7/11 Fuel app. The good thing about the 7/11 Fuel app is you can lock in a better price than your local area whilst travelling and then use that lower price in around a week's time when prices are much higher. In my case I've only used around a quarter of a tank so filling up in a week's time would be a good time for me. The 7/11 prices around Bayswater are better than the local prices around my, area even with the discount vouchers.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol Price Alert - Petrol prices have unexpectedly gone even higher at 171.9 cents per litre for unleaded.

Recently I wrote a post to let people know petrol prices were on the increase. However, I have to say I've never seen this before, even as prices at those first stations to lift prices started to drop, we've seen prices go even higher. The petrol price hike looked like it was going to go to 167.9 but now a number of petrol stations have put prices up to 171.9.

The average gate price(think wholesale) today was 130.7 so this price has also increased 1.2 cents. That doesn't explain the additional 4 cent jump. As a consumer you can only think this is taking advantage of the hype recently in the media with the Saudi Arabia oil plant being bombed.

What will happen in the future is hard to say but the media is conditioning people to expect higher prices and since we're expecting it, it will probably happen.

There's still time to shop around so it's hard to tell if prices from now will go up fairly quickly or whether some will hold back. Certainly paying 171.9 when you can currently pay 126.5-129.9 elsewhere doesn't make much sense.

Now I'm not an economist but what I find interesting is higher petrol prices have an impact on inflation. I read a 10 cent increase in petrol gives a 0.6% increase in inflation. Since we're seeing that an more recently with the petrol price hikes, higher than expected inflation appears to reduce the chances of an interest rate drop. It is amazing how all these things seem connected. For the consumer all we see is higher prices in one area.

Keep a close eye on petrol prices over the coming days. Don't forget to lock in using the 7 Eleven Fuel App to keep prices low for another week.

Kelvin Eldridge
Petrol Prices Melbourne

Petrol Price Alert - Prices around Melbourne have started to increase to 167.9 but dropped to 166.9.

A couple of days ago I noticed a couple of petrol stations around Melbourne had increased their prices to 167.9. Today some of those petrol stations have dropped their price to 166.9.

The current average gate price (think wholesale) of unleaded petrol is 129.5 so we're seeing a price increase of 35-40 cents. This price hike range has now occurred for the last few price hikes which is higher than the 25-30 cent price hike seen over the past few years.

The media has also reported the drone bombing of Saudi Arabia's biggest oil plant and it's been suggested prices may go up as a result. Prices were already on their way up before the bombing occurred so this may add additional pressure to oil prices.

How quickly petrol prices will rise is hard to tell as we approach the next school holiday period, since it's still around two weeks away.

Time to keep on eye on petrol prices over the coming week to two weeks.

Kelvin Eldridge
Petrol Prices Melbourne
www.PetrolPricesMelbourne.com.au

Petrol Price Alert Melbourne - Unleaded petrol increasing to 165.9.

Last Thursday saw the first signs of the current petrol price hike. Over a few days only a small number of petrol stations increased their prices so I felt it best not to make the announcement at that point in time as the price increase was happening slowly. Letting people know too early means they can jump the gun and get petrol too early in the price hike part of the cycle.

The petrol price hike is now well under way and the price is hiking to around 165.9 for unleaded petrol.

In the last couple of months we've seen the petrol price hike increase prices by over 35 cents per litre above the gate price (think average wholesale) which is currently 129.0. For the last couple of years the price hike has been between 25-30 cents so we're now consistently seeing  higher margins on petrol  which is a concern, but not much we can do about it. Except of course, avoid the high prices as best you can.

We can expect the current price hike will result in most of the service stations increasing their prices by late this week, to early next week.

My tank is literally on empty so I've timed this top up well. For those using the 7 Eleven Fuel App keep an eye on the 7 Eleven Fuel prices and lock in a price in a few days time. Remember you can be driving around Melbourne, using public transport, or even be interstate (I once locked in a price in Sydney whilst sitting on the aeroplane) and if there's a cheaper price, you can lock that in and top up, up to seven days later. It's a good way to give you that extra boost on a lower petrol price and take you closer to when prices have dropped considerably.

For example petrol prices drop from the highest to the lowest over about a month. Sometimes shorter, sometimes longer. Let's say you fill up weekly. If you fill up just as the price has nearly peaked at a low priced petrol station, that's the first week of petrol. Using the 7 Eleven Fuel app to get the cheaper price one week later, that takes you to the end of the second week. At this point the petrol will have dropped by around half the price hike, or between 10-20 cents per litre. For a 50 litre tank that means you're saving around 35 cents per litre in the first week, around 25 cents in the second week giving a saving of around $30 which adds up to around $390 a year (13 x 4 weeks). Then shop around in the  third week as there can be quite a difference as prices have spread out and you're likely to save around 10 cents a litre saving another $65 a year. Then you're ready to fill up again when the price is low. A possible saving of $400-$500 a year per car just by knowing when petrol prices are hiking.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

UPDATE: 27/08/2019
I thought I'd point out a couple of interesting things that's happening with the current petrol price hike.

The first is how incredibly slow the price hike is occurring. It's around a week and a half since the first petrol stations started to hike their prices. Why I can't be sure, but perhaps it's because the Victorian school holidays are around three and a half weeks away and hiking the price too early means prices are going down when people fill up for holidays.

The second observation is whilst some petrol stations are hiking to 165.9, since there's been a delay, some are now hiking to 155.9. That means there's already a 10 cents per litre price difference in the market. As of today there's still around 20 per cent of petrol stations selling at the old low price so there's still time to fill up at the lower price. There's also a few 7 Eleven petrol stations offering the lower price that you can still lock in, but they are spread out.

It will be interesting to see what happens as we approach the school holidays.

Petrol price alert: Melbourne prices rising to 167.9

Tonight I noticed a number of petrol stations raising the price of unleaded petrol to 167.9 or slightly less. This is to be expected as prices have dropped to around the gate price (think wholesale) which is currently 132.6 and a large proportion of petrol stations around Melbourne are under the 130 mark. Prices are again rising around 35 cents which is much more than the 25-30 cents seen over the last couple of years. Perhaps this is the new norm.

It's also now a week after school holidays and many people will be filling up again after filling up at the end of the school holidays. Perhaps it's just coincidence, but prices in the past week have fallen much faster than usual to have the low correspond to this weekend. I'll let you be the judge.

Time again to watch the petrol prices and watch 7 Eleven prices if you're locking in the fuel price using the 7 Eleven fuel app.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Woolworths Petrol deal with BP falls through, but new deal with Caltex struck.

I was looking forward to the Woolworths/BP deal but as we've seen, that appears to have been canned by the ACCC. All's good though as the Woolworths Group has entered into a new long term agreement with Caltex. More information on the news can be found using the following link.

https://www.woolworthsgroup.com.au/page/media/Latest_News/woolworths-group-enters-convenience-and-loyalty-alliance-and-new-15-year-wholesale-fuel-arrangement-with-caltex/

One benefit of this new agreement for consumers is another 125 Caltex sites will be participating in the Woolworths Rewards scheme. Caltex fuel prices especially with the discount voucher have shown to be competitive over the years so hopefully this helps consumers manage their fuels costs.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Alert: Melbourne petrol prices starting to hike to 155.9 - 165.9

Petrol prices in Melbourne appear to be going up, however what they are going up to isn't quite clear.

In Templetstowe the 7 Eleven is 155.9, but in Clarinda the 7 Eleven is 165.9. That's a huge difference. Either way as we approach the school holidays it does appear petrol prices are on the rise.

The current gate price (think wholesale) is 124.4 cents per litre for unleaded petrol. The petrol price usually increases by 25 -30 cents per litre, so unless wholesale petrol prices are rising quickly (and there's no evidence of that), we can expect prices to rise to around 150-155. Higher and that would be the highest jump I've seen since writing these blog posts. That would certainly be a money grab by the petrol retailers.

Time to keep an eye on petrol prices as we approach the school holidays.

Kelvin Eldridge

www.PetrolPricesMelbourne.com.au

Alert: Petrol prices on the rise in Melbourne. Prices hiking to 167.9 cents per litre.

On Saturday night I noticed the first petrol stations increasing the price of unleaded petrol to 167.9. Before sending out an alert I like to wait until a few more petrol stations increase their prices. I've seen petrol stations jump the gun before to later drop their prices again.

It's now Monday night and more petrol stations have increased their prices to 167.9. The current gate price is 134.9, so the increase is in the expected range of 25-30 cents above the gate price.

On the weekend I was passing through the Dandenong area where prices were very good. I was able to use the 7/11 Fuel app to lock in the price of 131.7 cents per litre for unleaded petrol. The lowest prices in my area were around 137.9 so even with discounts vouchers, the 131.7 was still a better price and it meant I could fill up when my tank was lower.

Over the next few days we can expect petrol prices to head upwards as we approach the weekend. Time to keep an eye on prices and if you're using the 7/11 Fuel app, be ready to lock in at the right time.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au

Petrol Prices Melbourne price hike alert. Petrol prices at 166.9 spotted.

Checking petrol prices tonight I noticed a number of petrol stations around Melbourne have increased their unleaded price to 166.9 cents per litre. With the current gate price at 137.9 cents per litre, and then adding the usual 25-30 cents per litre when prices hike, we could expect to see the unlead petrol price to hike to somewhere in the range of 162.9 to 167.9. I would expect the price to hike to 164.9 as the price looks better and makes the price appear to be in the lower half of the 160-170 range. However at 166.9 this is still within the expected range.

I'll continue to watch the petrol prices as I usually like to wait until I see three or more Woolworths Petrol station increase their prices. Sometimes some petrol stations break from the pack just to later reduce their prices. Once I'm confident the petrol price hike cycle has started I'll notify those on the Alert mailing list.

Let's see what happens tomorrow.

Kelvin Eldridge
www.PetrolPricesMelbourne.com.au
Petrol Prices Melbourne

Update: 1/05/2019
A few more petrol stations have increased their prices to 166.9. Looks like 166.9 is the new price hike price.

Update: 9/05/2019
The hiking of petrol prices has occurred quite slowly this time. It's 9 days since the first signs of the price hike started and still an estimated 20% of petrol station have not increased their prices. That's great for drivers as it means cheaper prices are still relatively easy to find.

A second unusual situation is the average gate price (think wholesale) has dropped a couple of cents so we're seeing a second group now raise their prices to 159.9, meaning even if you miss out on the cheaper prices there's still a 7 cents per litre saving that can be found.

As we approach the weekend it's probably safe to assume most prices will have gone up by Monday and perhaps prices might quickly drop to around the high 150 mark.

Petrol prices in Melbourne starting to go up to 159.9.

Today I was a little surprised when I noticed a number of Woolworths Petrol stations had increased their price of unleaded petrol to 159.9. Surprised because today's gate price (think wholesale) is 131.6 and prices don't normally jump until prices drop below the gate price.

OK. I totally forgot that school holidays in Victoria start this weekend. Now it makes sense. Prices are being hiked just in time for the school holidays.

Currently there's not too many petrol stations that have increased the price of unleaded petrol, so it is always possible the petrol stations have made a jump on the pack.

Time to keep an eye on petrol prices.

Kelvin Eldridge
Petrol Prices Melbourne

Melbourne petrol prices starting to hike. Unleaded petrol spotted at 151.9.

Last night I noticed two Woolworths Petrol stations in Preston had increased their petrol price for unleaded to 151.9. Today I checked and around five petrol stations had increased their prices to 151.9. All are Caltex or Caltex/Woolworths petrol stations.

The average gate price (think wholesale price) today is 126.3. In February on the 3rd, the gate price dropped to a low of 115.2. When unleaded retail prices started to hike around the 13th of February the gate price had increased to 118.4, At the moment we are seeing a gradual increase in the gate price and thus we can expect unleaded prices to also continue to increase.

The usual pattern for unleaded petrol price increases is for the retail price to hike to around 25 to 30 cents per litre above the gate price. Thus the next price hike is expected to be around 151.9 to 156.9, so 151.9 is at the low end. The price of 151.9 is a little unusual as most prices appear to end in 4.9 or 9.9. It's likely the price may quickly drop to 149.9 and then the discount cycle for the next three to four weeks will continue the price drop.

Since the first signs of the price hike have occurred on a Monday, and there is no period of peak usage like school holidays, it's likely the rest of the market will follow slowly with prices at most petrol stations being restored to the peak later in the week or over the weekend.

Watch the prices carefully and if you're using the 7 Eleven Fuel app, wait until prices have started to increase at 7 Eleven to lock in a low price for another week. Too early and you may have locked in a low price whilst there's still low prices around at other petrol stations.

Kelvin Eldridge
Petrol Prices Melbourne
https://www.PetrolPricesMelbourne.com.au

PS. Whilst it is possible the five petrol stations are a false indication of the price hike, the price hike is still expected soon as the retail price is now near or below the gate price for many petrol stations.

Update: 13/03/2019
The Caltex/Woolworths petrol stations have flipped and dropped their prices back to the current low prices today. The Caltex petrol stations that had hiked their price kept their prices high. Some additional BP services stations have increased their prices taking the number to around 10 petrol stations in the Melbourne area that have hiked their prices. This is still a relatively small number, but is indicative of prices still dropping in some areas whilst the price hike is just around the corner. In other words there's no rush to fill up our tanks, but we do have to watch the prices.

Update: 14/03/2019
The number of petrol stations that have hiked their prices has roughly doubled. Still not a large number though. The maximum price hike however has now moved to 153.9 cents per litre for unleaded.