26 September 2023

ACCC pulls plug on petrol prices

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The Australian Competition and Consumer Commission (ACCC) has advised Australia’s motorists that they could save hundreds of dollars a year by choosing to fill up at low-priced petrol retailers.

An ACCC report has analysed average retail petrol prices throughout 2018, and compares the prices between high and low-priced major petrol retailers in the eight Australian capital cities.

Chair of ACCC, Rod Sims said the data revealed that independent chains were the lowest-priced retailers in all eight cities, while Coles Express was the highest-priced retailer in almost all of them.

The independent chains with the lowest average prices in 2018 were United in Melbourne, Brisbane, Canberra and Hobart, Speedway in Sydney, Liberty in Adelaide, Vibe in Perth and FuelXpress in Darwin.

“Motorists that always filled up at these independent chains would have come out ahead when it comes to petrol,” Mr Sims said.

“While some motorists decide where to fill up based on reasons other than price, such as convenience and related offers, for many consumers price is the biggest influence on where they buy petrol.”

He said that in 2018, a motorist in Sydney could have saved around $343 for the year by choosing to fill up at independent retailers rather than the highest-priced player.

Similar savings would have been around $148 in Melbourne, around $229 in Brisbane, around $211 in Perth and around $159 in Adelaide.

“Motorists who want to save money on petrol should use fuel price apps and websites,” Mr Sims said.

“Consumers do not only benefit from the lower prices they find using these apps, they also help reward retailers who actively compete on price.”

The ACCC’s 86-page report can be accessed at this PS News link.

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