New travel rules expected to put further brake on petrol prices

GEELONG motorists could pay less at the pump as restrictions force prices down.

It comes after a week of inconsistent fuel pricing across the city, with some retailers up to 20 cents cheaper than competitors.

RACV senior engineer Nicholas Platt said local prices were following a pattern similar to Melbourne’s market.

“The lowest price we are seeing is 107.9c for unleaded 91, with some outlets retailing e10 for 105.9c,” he said.

“The lower fuel prices reflect the low wholesale price and discounting by some individual retailers, which is not unusual.”

But current prices indicate motorists could soon pay even less at the bowser.

“The low wholesale prices, combined with some Geelong retailers maintaining prices of 110c, indicates that there is still room for prices to drop further in the coming week,” Mr Platt said.

APCO director Peter Anderson said his retailers had remained consistent despite the new fuel cycle. “The price difference comes when you see some retailers hike prices with the new cycle,” he said.

Mr Anderson expected another drop in local demand ahead of restrictions hitting regional Victoria on Thursday.

“I think we’ll stay where we are until we see cycle movement in Melbourne again,” he said.

“Under the current restrictions, fuel sales will probably hit rock bottom in Melbourne again.”

Prices hit rock bottom in Geelong and Melbourne three months ago, with some drivers filling up for just 84c a litre due to an ongoing Russian-Saudi price war and the fallout of the pandemic.

Mr Platt said drivers should follow health guidelines and leave home only for essential reasons.

“Due to current government restrictions, we would urge all motorists to avoid driving in search of cheap fuel and instead use a fuel price finder, such as RACV’s online comparison tool, to find the cheapest fuel locally if travel is essential,” he said.