Now the fuel price cycle has changed from 1 week to 2 weeks. It means the price drops slowly to the lowest price on every second Tuesday. Based on my experience I now pay $0.20 per litre more each week compared to weekly fuel price cycle that is equivalent to about $400 per year.
What is the reason and who do think is behind this? Do the major players in the industry have an unofficial agreement not to revert back to weekly fuel price cycle? The short answer from our almighty Department of Commerce is “FuelWatch has contacted the fuel companies but no explanation for the change in the price cycle was provided.”
Should we all buy some fuel cans and stock up fuel at home to counter this?
Fuel Price Cycle in WA
wtfnodeal on 17/12/2021 - 15:33
Comments
Nope. I hardly deliberately drive to 7/11 to fill up my car. I know I have failed to be a truly ozbargainer in this area.
Thats what I do.
Fill up on a low Tuesday and then lock in that price for next week.
Assuming you can last a week, it is still OK.
Shortages, delays, over production, under production, COVID, 'coz we can….
A little of all the above. There have definitely been tangible impacts to petroleum production and distribution globally and there's also been a good amount of price-gouging, milking the situation for all it's worth, sympathy-wh*ring and taking the consumer for a ride under the auspices of chaotic factors out of the petroleum industry's control.
Never let a good crisis go to waste…
My $0.20 per litre more is based on the comparison of the first Tuesday and second Tuesday of the fuel price cycle meaning had the lowest price been on the first Tuesday I would have saved $0.20 per litre. Not that I am comparing the prices months ago to the current prices.
Shortages, delays, over production, under production, COVID,'coz we can….
Ideally the fuel price should move along with the terminal gate pricing (TGP). Unfortunately, fuel stations prefer cashflow strategies. Little margin on one tuesday but with a big influx of cash to fund the low volume days where prices are stupidly high. FuelWatch didn't help by announcing that fuel stations will change the price cycle to two weeks.
If fuel stations start displaying the daily TGP (which is readily available on each main distributor's website), people will be able to easily tell who's price gouging.
Have never seen cheap Tuesday in VIC, must've been a long time ago if it was here. Would be lovely if we had it.
Our fuel cycles are 3-8 weeks or so. I fill up when it's low and then do $20 top-ups as required. Thought about fuel cans but then I'd need to store more than I was comfortable with, plus have to cart them back & forth to refill.
Never bothered with 7/11 fuel lock myself. Their price goes up about a week before the rest so there's no advantage to use it.
Do you use 7/11 and fuel lock?