Why some Australians need to fill up their cars NOW: The cities where petrol prices are about to spike
- Consumers warned fuel prices across the country are set to spike this week
- Senior economist from Commsec has said discounted price cycle is finishing
- Prices for unleaded petrol are expected to climb well over $1.40 a litre this week
Drivers watching their hip pockets are being warned to fill up today as petrol prices across the country look likely to spike in the coming week.
‘The discounting cycle in place from the end of January to Thursday last week has now ended,’ Commsec senior economist Ryan Felsman told Daily Mail Australia.
‘Prices are starting to lift and we expect them to remain elevated for at least the next week or so.’
Drivers watching their hip pockets are being warned to fill up today as petrol prices across the country look likely to spike in the coming week
‘In Sydney metro areas we are seeing prices heading back up to $1.40 already with the majority of suburbs in the city over $1.34 a litre.’
The Melbourne market is similar to Sydney with prices also climbing up to $1.40 a litre for unleaded.
Brisbane, however, is likely to experience the price hike quicker than other cities with prices already over $1.40 a litre for unleaded as of Tuesday morning.
‘Brisbane prices seem to increase more quickly due to a less competitive market than southern cities,’ Mr Felsman said.
Perth is its own market, according to Mr Felsman, with the isolated city experiencing very predictable weekly price cycles.
Mondays are the cheapest days to buy fuel in Perth with the price spiking about 20 cents per litre on Tuesdays and gradually falling through the week.
The smaller markets of Canberra, Hobart, and Darwin tend to be more volatile than the larger cities with prices varying between suburbs though weekly cycles still apply.
Cycles are dictated by retailers but consumers are able to predict when they can fill up to get a discount.
‘The discounting cycle in place from the end of January to Thursday last week has now ended,’ Commsec senior economist Ryan Felsman told Daily Mail Australia
‘Whether petrol prices get back up to the $1.50 level that we saw in September and October last year depends on global oil prices,’ Mr Felsman said.
‘Prices are lifting to three month highs as Saudi Arabia, OPEC, and Russia attempt to stablise the market.’
‘The US, however, could lift supply which could counter the climbing oil prices.’
Mr Felsman says the best option for consumers at the pump is to be aware of price cycles and use apps on their phone to find cheap retailers.