It's a common tactic among motorists: wait for petrol prices to dip before filling up to make the trip to the servo as affordable as possible. But it's a lot harder to pull off these days.
The motoring body found that price cycles have got longer over the past five years, with prices taking far longer to go down than what it does for them to increase."Since January 2019, prices across 51 price cycles fell by only 1 cent per litre per day yet rose at more than twice the daily rate at 2.3 cents per litre," the NRMA said in a statement.
The analysis also found the gap between wholesale and retail prices – known as the "gross margin" – has risen to some of the highest levels ever recorded."The final price cycle in 2023, which covered the critical Christmas and New Year holiday period, saw a record average gross margin of 21.5 cents per litre," the NRMA said.
"The margin reached a record 6.5 cents per litre at the bottom of the most recent completed cycle in Sydney in March." NRMA spokesperson Peter Khoury said it was unfair for households and businesses to have to fork out for such high prices.
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