FuelWatch and fuel prices
Western Australian fuel consumers benefit from price transparency and reduced price volatility because service stations must notify FuelWatch of their following day's prices by 2pm each day. These prices are ‘locked in’ for 24 hours from 6am so drivers can make the best decision on where and when to purchase their fuel.
Petrol prices from around the state are also posted on the FuelWatch website by 2:30 pm each afternoon for the following day. This means motorists can see, compare prices and find the cheapest fuel in their area before they head to the bowser.
The Government (Commonwealth, State or Territory) does not set or control fuel prices in Australia. Fuel prices go up and down 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. More detailed information about these factors can be found on the Australian Competition and Consumer Commission website.
The Commonwealth Government used to regulate wholesale prices, but that stopped in August 1998. Even when the wholesale price regulation was in place, retailers (service stations) could always determine their own pricing.
At Commonwealth level there is regulation in place to ensure the fuel sold is of an acceptable standard and to regulate the conduct of participants in the supply chain.
Perth price cycle
Perth’s petrol price cycle is consistently seven days. Generally, Monday is the cheapest day to fill up and Tuesday is the most expensive. Regional centres do not have such a distinctive cycle.
In comparison, price cycles in the Eastern state capital cities last longer and have a larger price range. Eastern states drivers are also impacted by fluctuations within the day, making it difficult to compare stations and get the cheapest price.
For the most up-to-date information on National petrol price cycles visit the ACCC’s website.
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