New data has revealed that prices for petrol vary significantly by retailer, with Coles Express the most expensive on average across the five main capital cities, and Woolworths and independents generally the cheapest, meaning consumers who switch brands can save significant dollars.
The ACCC’s petrol report details annual average retail petrol prices throughout 2017 and identifies the highest and lowest priced major retailers in Sydney, Melbourne, Brisbane, Adelaide and Perth.
“Our analysis of petrol prices shows the range between major retailers with the highest average price and lowest average price varied across each city considerably,” ACCC Chairman Rod Sims said.
“Independent chains were the lowest priced in each of the five major cities and Woolworths was generally below the market average price in most cities. Average prices at Coles Express were the highest in all five cities, and average prices at retail sites where BP and Caltex head office sets the retail price were generally above the market average price.”
“The majority of consumers tend to go to the same petrol station every time they fill up. This research shows it might be time to consider which station to fill up at,” Mr Sims said.
The report also examined the difference between average prices in 2017 with those in 2007. It found the range between major retailers charging the highest average price and those charging the lowest average price had increased significantly since 2007.
The average prices of BP-branded retail sites were above the market average price in all five cities in 2007 and 2017. The average price of Caltex-branded sites were above the market average in the majority of the five cities in the two periods.
“What this analysis tells us is the decision about which retailer to buy petrol from is even more important in 2017 than it was in 2007. Retailers’ prices are not the same, they price differently and have different strategies to get you to fill up with them,” Mr Sims said.
“We want to remind drivers there are plenty of apps they can download for free that will tell them where to buy the cheapest petrol in their area. Many people are paying more than they need to for petrol.”
“Shopping around has the added benefit of increasing competition by putting pressure on retailers who charge the most to lower their prices or risk losing customers,” Mr Sims said.
There are a variety of fuel price websites and apps that provide information to drivers about petrol prices, including the WA FuelWatch website.