FESTIVE FUEL PINCH
Motorists urged to wait to avoid festive petrol pinch
MOTORISTS have been warned to wait until Christmas before refilling their cars as petrol stations jack up prices across Geelong and Melbourne.
The average price at the bowser peaked at almost $1.50 per litre in the last week but still remains above $1.45 per litre and stores are expected to drop their charges as the festive season continues.
The RACV is urging motorists to hold off on refilling until after the surge in prices has faded, with the period between Christmas and New Year’s Day shaping up as the ideal time to refuel.
“For 2017, given that prices have just peaked, we expect that prices will be trending downwards over the break, so the longer you can wait to fill up the more you can potentially save,” RACV senior vehicle engineer Nick Platt said.
“The most expensive day of the current cycle was Thursday December 14 with an average price of $1.48 per litre.
“At this price we saw most retailers selling fuel at $1.47 per litre and $1.49 per litre.
“Historically RACV has observed that petrol prices around public holidays continue to follow the fuel price cycle trend and are typically unaffected by major holidays.
“We would be disappointed to see any retailers increasing prices.”
Comparethemarket spokeswoman Abigail Koch said current trends suggested prices would surge again in the new year.
“Queensland and NSW peaked about a week ago and are expecting their next peak on New Year’s Day,” she said.
“Melbourne should be a few days later so between Christmas and New Year could be the best time to get the best value.”
Ms Koch said petrol prices were trending back upwards after a period of oversupply.
“For a few months we’ve been hearing these warnings and predictions by economists that petrol prices could rise across the board,” she said.
“But petrol prices are now almost 12c a litre more expensive than they were in the last quarter. If this is the trend the inflated petrol prices could be hear to stay.”
“The longer you can wait to fill up the more you can potentially save.” NICK PLATT, RACV