Petrol Prices Are Now Higher Than They’ve Been In Ten Years

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Petrol Prices Are Now Higher Than They’ve Been In Ten Years
Image: Getty

Is anyone else cringing whenever they drive past a petrol station sign? Average petrol prices have now reached their highest point in around a decade, with the national average sitting at 159.3 cents per litre. Here’s how you can avoid paying too much for your next tank of petrol.

Average peak petrol prices have tipped over 160 cents per litre in a number of Australian capital cities, pushed up by pressure from international markets. It’s not all bad news, however – crude oil prices have dropped after an earlier peak, and the Australian dollar has strengthened against the US dollar – both factors that should flow on to provide a drop in prices in the next couple of weeks.

So if you can hold off from filling your car until prices drop again, you’ll save yourself a pretty penny. However, Commsec warned over on Business Insider, in cities with pricing cycles, petrol still could peak over 170 cents per litre after these next drops.

Now more than ever it’s important to be mindful of where and when you fill up your car if you don’t want your car to guzzle up all your spare cash.

Download one of these handy price tracking apps to make sure you’re getting petrol from the cheapest place around you, or to get a few dollars off your spend from other promotions.

Check ACCC’s petrol price cycle tracking page, which will tell you if you should buy petrol now or if it’s going to be even cheaper soon. For example, the info for Sydney for this week says “prices are decreasing but they are likely to decrease further if possible, motorists should delay buying petrol until later.” Check this regularly for updates if you need to fill up soon.

And remember: Don’t wait until you’re almost empty to fill up, or you’ll be left with little choice. Instead, top up your tank whenever you see prices are low.

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