"The apps make it easier to see when there's a price jump at a few stations," Professor Byrne said.M Motorsport and Vantage Racing will unleash a KTM X-BOW GT2 on Mount Panorama at the Bathurst 12 Hour this May, the first of its kind to race at The Mountain. He does suggest using apps and the ACCC petrol site to figuring out when to buy petrol to "game the cycle". "This is because the large infrequent price jumps happen roughly at monthly frequencies, but the main 'price jump days' happen on different days of the week." What is the best day to buy petrol?įor most drivers, there is no real "best" day or time to fill up, says economics professor David P Byrne from the University of Melbourne. Wholesale prices don't show similar cyclical movements. Price cycles are the result of pricing decisions made by petrol retailers aiming to maximise profits, and they only occur at the retail level. Price cycles had been occurring on a weekly basis since 2011 in Perth, although from October 2021 they changed to occur each fortnight.The table shows Perth had the most price cycles over the year to March.In Melbourne and Brisbane the cycles lasted around five weeks, and in Adelaide around two weeks.The average duration of price cycles in Sydney - the movement in retail price from trough to a peak to a subsequent low point - was around six weeks over the year to March 2022.The table shows Sydney, Melbourne and Brisbane each had three price cycles in the March quarter. Last week's average was 195.3 cpl, according to AIP data.
The national average price for fuel on March 29, just before the excise tax cut was implemented, was 188.3 cpl. "Retail petrol prices will still fluctuate with changes in international prices and the price cycles in the largest capital cities, even though the excise cut has flowed through to the bowser." "We can see from our petrol market monitoring that the cut to the fuel excise has been passed on to Australian motorists in the vast majority of locations," ACCC chair Gina Cass-Gottlieb said. Over the same period, in Canberra, Hobart and Darwin prices fell by between 25 and 48 cents per litre. It found that in the weeks following the March 30 cut, daily average petrol prices fell by at least 39 cents per litre (cpl) in Sydney, Melbourne, Brisbane, Perth and Adelaide.
The Australian Competition and Consumer Commission (ACCC) monitors Australia's petrol prices. Yes, after petrol prices increased to a 14-year high in March, the former federal government reduced the fuel excise - a tax you and I pay every time we fill up - from 44 cents per litre to 22 cents per litre.īut the reduced rate is due to expire in September.
Didn't the government cut the fuel excise? Australia's reliance on fuel imports means it's vulnerable to volatile international fuel markets.īelieve it or not, official statistics from the Bureau of Resource & Energy Economics and the International Energy Agency show Australia has among the lowest petrol and diesel prices of all 38 OECD countries.Īustralian petrol prices are cheaper than the Netherlands, Finland, Israel and Denmark, but more expensive than Canada, Chile, Costa Rica, the United States and Turkey. Russia is one of the world's largest oil suppliers, and global oil supply chains have been heavily disrupted as a result of the war. He notes that world prices have increased as a result of global economic conditions, Russia's war in Ukraine, and Australia's dollar exchange rate. So will fuel prices drop in Australia? And is there a best day to buy petrol? Why is fuel so expensive right now?Īustralian fuel prices follow world prices, explains economics professor John Freebairn, from the University of Melbourne. That's even after the fuel excise was halved in March, to 22 cents a litre, in a federal government move aimed at reducing the pressure on motorists.
#Ktm crossbow price australia drivers#
Australian drivers are paying eye-watering prices for fuel, with the price of petrol passing $2 a litre.
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