How Petrol Spy can save you money and win you a $25 gift card as petrol prices soar

A petrol price monitoring app is offering the chance to win a $25 gift card to members every day as prices around the country continue to skyrocket.

The average price for petrol in Australia hit 195.5 cents a litre at the beginning of this week, data from the Australian Institute of Petroleum showed.

The cost in capital cities is even higher at 197.5 cents a litre with Sydney, Adelaide and Hobart recording a crippling price of more than $2 a litre.

However, one handy tool could help Aussies save precious dollars.

Petrol Spy is a free crowd-sourcing app that shows a map of petrol prices, helping Australian and New Zealand users find the best price in their area.

The company is offering the chance for registered members to win a $25 fuel gift card every day.

‘To get one entry to the draw you need to earn 50 points. You can earn points by updating current petrol prices that you are aware of for corresponding locations in the Petrol Spy app or website,’ Petrol Spy states on its website.

‘Updating one fuel type using the Petrol Spy app or website gives you one point, resubmitting prices older than 10 hours is 1 point per re-submitted fuel type. 

Petrol Spy (logo above) is a free crowd-sourcing app that shows a map of the best local petrol prices

‘Re-submitting prices that were submitted less than 10 hours ago and haven’t changed since doesn’t earn any points. 

‘Submitting via the app or website or emailing us new service stations or changes and incorrect information gives 10 points.’

Petrol Spy said members can keep track of their points on the Profile menu option on its app and website. 

A perfect storm of local and international pressures have led to the dramatic price rise on fuel, the key issue being a drop in production from major oil suppliers. 

Commonwealth Bank’s mining and energy economist, Vivek Dhar, warned drivers  the price jump will likely remain a problem in coming weeks with costs to stay above $2 a litre for some time.

Petrol in Australia has increased on average by 21 cents a litre in recent weeks and is expected to sit between $2 and $2.10 in coming weeks

‘One has been a tightening of oil markets, and that’s driven by resilient demand, as well as OPEC+ supply cuts, which is a group of countries that control about 40 per cent of global supply,’ he told ABC.

‘That has, for us, been instrumental in driving oil prices higher and tightening oil markets.

‘The second factor has been a fall in the Australian dollar… and as the Australian dollar falls, it makes it more expensive to buy petrol.’ 

Petrol in Australia has increased on average by 21 cents a litre in recent weeks.

The jump is steeper for diesel at an increase of 33 cents a litre. 

A surge in wholesale prices, worsened by Australia’s weakening dollar, affects 85 per cent of what motorists pay for petrol.

The remaining 15 per cent of the price is changed by retailers. 

The cost for a litre of fuel is expected sit around $2 to $2.10 in coming weeks. 

The weekly average price for fuel in Australia has typically stayed around 175 to 180 cents a litre since the federal government stopped halving the fuel excise last September.

Brisbane had the cheapest average fuel price of all capital cities this week at 188.2 cents a litre while the average price outside cities of 194.6 cents a litre

Brisbane had the cheapest average fuel price of all capital cities this week at 188.2 cents a litre.

The average price recorded outside capital cities was 194.6 cents a litre.

Northern Territorians are being charged an astonishing average of 234.7 cents a litre, while regional Victorians paid an average of 190.2 cents a litre last week.