Petrol companies are slammed for continuing to charge customers high prices for fuel when wholesale costs have dropped to just $1 per litre amid the coronavirus pandemic
- Petrol companies are charging up to $1.66 a litre when wholesale is around $1
- Oil prices have been falling for weeks but companies have still raised prices
- Prices in Sydney, Melbourne and Perth are high but Adelaide has rapidly fallen
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Petrol companies have been slammed for charging exorbitant prices well above the wholesale cost amid the coronavirus pandemic.
Wholesale prices in Sydney have dipped to $1 per litre in recent days but the average at the pump is around $1.40 ,with some stations charging as much as $1.66.
Peter Khoury from the NRMA urged service stations to lower petrol prices to give struggling families some financial relief.
Wholesale prices in Sydney have dipped to $1 per litre in recent days but the average at the pump is around $1.40 with some stations charging as much as $1.66
While some cities such as Adelaide are recording far more reasonable prices Peter Khoury from the NRMA said prices across the board were far too high
‘It just keeps going up, a third of the service stations in Sydney alone are above $1.60 which is ridiculous pricing,’ he told Daily Mail Australia.
‘We are seeing something similar in Brisbane, Melbourne is going up as well, Perth hopefully will now come down but across the board prices are just way too high.’
The average cost price of petrol shows that some companies are recording up to a 60 cent profit for every litre of fuel
He said oil prices have been dropping for weeks, but companies are still using the artificial petrol price cycle system to drive up profits to record levels.
‘They need to drop the prices immediately, don’t lean on this nonsense about the price cycle because we are facing challenges in this country that we haven’t seen in generations,’ Mr Khoury said.
‘If you want to continue trading in Australia I’m not sure you want to be setting record profits at a time when the country is clearly suffering.’
Petrol companies have used the artificial petrol price cycle system to drive up profits to record levels despite the low purchasing prices
South Australia has been an exception, with petrol prices plummeting to as low as $0.96 per litre.
‘Adelaide is where everyone else should be, the average price in Adelaide is $1.06 it plummeted from $1.35 to $1.08 in a matter of days that is what we want to see for the rest of the country,’ he said.
Mr Khoury said the the larger retailers were setting prices the highest and encouraged consumers to seek out independent retailers for cheap petrol.