With fuel prices recently hitting record-highs and Perth’s petrol price cycle changing from weekly to fortnightly, it’s a particularly important time for consumers to have the information they need to save money at the bowser.
That’s where our free FuelWatch service can help, with a revamped website containing interactive mapping features that makes it quick and easy for WA motorists to find the best deal.
On any given day there can be a sizeable difference between the highest and lowest price of regular unleaded petrol (ULP). A difference of 35cpl would produce a saving of $21 on a 60 litre tank of fuel. If you fill up weekly, this would translate to a yearly saving of almost $1,100.
By law, service stations are required to notify FuelWatch of their following day’s prices by 2pm each day and must lock-in these prices for 24 hours from 6am, meaning WA motorists are free from the frustrating intra-day price fluctuations that those in other Australian States still experience.
In turn, this price transparency and certainty helps to put downward competitive pressure on prices. Motorists should know they can put further pressure on fuel retailers by using the price information to buy from the cheaper retailers.
The FuelWatch team also works behind the scenes to ensure fuel retailers and wholesalers comply with their legal obligations, and responds to complaints and reports of non-compliance, which can result in fines or even prosecution.
It is important to realise that neither the State nor Federal Governments control fuel prices, which fluctuate for a number of reasons, including changes to international benchmark prices, the value of the Australian dollar to the US dollar, local competition and the daily pricing decisions made by wholesalers and retailers.
International fuel prices have continued to increase recently due to a number of factors, including an increase in demand following the relaxation of COVID-19 restrictions, as well as supply constraints exacerbated by the Organisation of the Petroleum Exporting Countries and a number of allied oil producing nations such as Russia (known collectively as OPEC+) placing limits on oil production.
Check out the new FuelWatch website at www.fuelwatch.wa.gov.au and consider signing up to the personalised email subscription service.
Gary Newcombe
Commissioner for Consumer Protection
