When it's time to fill up with petrol, paying extra at the pump can be financially costly. We've done the legwork for you and dispelled the myths about what controls prices and how they're determined.
Cheap Tuesdays are a 'thing of the past' but shopping around can help motorists save at the petrol pumpCheap Tuesdays are a 'thing of the past' but shopping around can help motorists save at the petrol pumpYou may have questioned why one petrol station is able to offer discounted rates while others seem to have consistently high prices.
The price at the pump can be broken into three major categories: the purchase cost of petrol, the shipping cost and government taxes. Compare The Market expert Chris Ford said other factors at play could be the strength of the Aussie dollar, with a "weaker dollar" having the potential to affect purchasing power."Another is the wholesale price — the price that retailers pay for the fuel they sell on to motorists," he said.Compare The Market analysis showed wholesale petrol prices remained steady from October through November, leading to less price spiking than in the past.
"This explains why we're seeing highs of $2.09 a litre for Unleaded 91 in Sydney today, but a much lower high of just $1.67 in Adelaide for the same type of fuel," Mr Ford said. "In an area or suburb with a lot of competition, being the first petrol station to increase prices could result in fewer sales, so it's in a retailer's best interest to keep prices as low as possible to attract customers," he said.A major oil price fell into the negative for the first time in history. How did it happen and what does it mean for fuel prices?
Why Do Fuel Prices Go Up? Who Controls Fuel Prices? Unleaded Petrol Petrol Markets Fuel AUD National Petrol Price
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