Nation’s fuel prices set to skyrocket

 

Drivers are being encouraged to fuel up their tanks sooner rather than later, with a spike in the price of petrol on the horizon.

The cost of fuel could jump as much as 50 cents per litre across Australia ahead of this weekend, following a large disparity in prices at petrol stations around the country.

Smaller fuel stations are expected to bump up their prices to meet those charging more.

Motorists are being urged to shop around, as many stations are still near the bottom of the current cycle.

"There's a growing number of independents in Sydney, which means you're going to get more competition on price," NRMA spokesman Peter Khoury told 7 News.

The massive gap in price was due to varying strategies by service stations, he said, with some prioritising profit margins - meaning they set higher prices - while cheaper stations prioritise price competitiveness.

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Fuel prices are set to skyrocket as a result of disparity in costs across petrol stations. Picture: AAP Image/Dean Martin
Fuel prices are set to skyrocket as a result of disparity in costs across petrol stations. Picture: AAP Image/Dean Martin

As of this morning in Sydney, the cheapest petrol is $1.24 a litre, with the highest at $1.74.

In Melbourne, the cheapest is $1.27 and the most expensive also $1.74.

And in Brisbane, the cheapest is $1.27 and the priciest $1.76.

Cathy Higbee, of Sheidow Park in South Australia, said she had driven to Marion on empty in order to take advantage of a specific petrol station's cheaper fuel.

Just 100 metres south of the station, another was trying to sell petrol for 50 cents a litre more.

"Motorists can fill up now at lower prices and save up to 40 cents a litre," RACV vehicle engineering manager Michael Case said.

"Some service stations have already moved to the higher price, while others are yet to react.

"As a result, motorists may still be able to take advantage of significant price differences."

Drivers are encouraged to make use of fuel price-tracking apps and websites and find the cheaper stations before filling up.



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