Aussie petrol prices at record low
06 June 2016 by News DeskMotorists Down Under are now travelling a lot further for less money as Aussie petrol prices have hit a record low.
Aussie petrol prices have fallen significantly in the past three months and are now at their lowest level since 1999.
Aussie petrol prices are low partly due to a fall in world oil prices, and partly due to government action. Industry regulator the ACCC believed that retail margins were unreasonably high and wrote to the major petrol retailers in February 2016 seeking an explanation. Fuel prices have since fallen dramatically.
In the last quarter the average petrol price in the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) was 111.0 cents per litre (cpl), which is 13.4 cpl lower than the previous quarter and 22.2 cpl lower than September 2015.
Find cheapest Aussie petrol prices
A number of petrol price apps were recently released which aim to help motorists find lower fuel prices.
The 7-Eleven Fuel App allows customers to view their closest five 7-Eleven fuel retail sites (of 434 sites on the app), find cheapest price at these sites and lock in that price to redeem at any 7-Eleven store in Australia within seven days.
The GasBuddy mobile app allows motorists to report fuel prices and find the cheapest fuel in their area.
MotorMouth has now updated its app to provide motorists with access to near real time petrol price information for the first time.
“These mobile apps, and more to come, will allow consumers to make better informed purchasing decisions and reward retailers who discount prices, therefore promoting greater price competition in petrol markets,” says Rod Sims, Chairman of the Australian Competition and Consumer Commission.
Most expensive city for petrol is Brisbane, at an average 114.8 cpl, which is 4.8 cpl higher than the average of the four other largest cities.
Diesel prices in the five largest cities have also fallen significantly. Average prices in the March quarter 2016 were 113.7 cpl, a decrease of 11.8 cpl from the previous quarter, and the lowest since June 1999.
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