A crude spike to bring pain

MORE petrol pain is on the horizon for Geelong motorists, with drivers urged to fill up now.

A spike in crude oil prices and a diving Australian dollar look set to keep petrol prices rising, after Geelong motorists were slugged with prices of almost $1.70 per litre in the days before the Grand Final weekend.

The Australian Competition and Consumer Commission’s (ACCC) price cycle chart suggests Melbourne’s petrol prices are now at their lowest point of the current cycle – despite still hovering near $1.60 in much of the Geelong region.

“Now is a good time for motorists to buy petrol,” the ACCC’s buying tip section noted.

Fuel prices throughout Australia were also expected to spike alongside Malaysia’s Tapis Crude Oil price – where Australia sources most of its refined petroleum products – which is at its highest since October 2014.

This could be compounded by a sluggish Australian dollar, at its lowest against the USD since 2016.

RACV Manager Vehicle Engineering Michael Case suggested motorists avoid completely filling their tanks when petrol prices were sky high, and also urged drivers to shop around for the cheapest petrol.

“RACV advises motorists to top up rather than filing up when prices are high,” Mr Case said. “This helps to average out your fuel budget.

“RACV provides fuel price information for motorists to find the cheapest prices in their area or along their journey.

“As a general guide, regular searches for the cheapest fuel can save motorists hundreds of dollars a year.”