The former Coalition government cut the 44.2 cent per litre fuel excise for six months to combat the looming increases, but that’s soon coming to an end.
It increases 24.3 centre per litre including GST on September 29, 2022.
Easily adding up, like many other bills from energy to mortgages at the moment, fuel costs can be kept down with a few simple tips. UbiCar Insurance has shared some tips on how you can save money on your fuel expense.
1 – Reduce drag
You can withdraw drag by keeping clear of boxy designs and avoiding cosmetic roof racks or anything else that will increase the drag.
2 – Declutter
Additional weight in your car increases your fuel bill. By removing un-necesary items from your car you can reduce your fuel bill.
3 – Accelerate slowly
If you rev your engine slowly you won’t burn as much fuel.
4 – Brake slowly
When you brake slowly it is less of a drain on your car and uses less fuel. Slow down rather than hard braking.
5 – Reduce friction
Driving with the correct tire pressure can help you reduce road friction and subsequently save you on fuel.
Why is the fuel excise changing?
Despite stating that the six-month discount will not be extended after it ends, the Federal Treasurer wrote to the ACCC to ask the consumer watchdog to monitor fuel stations in the lead-up to the price increase, with some worried that they’ll use the situation as an opportunity to increase fuel by more than the set amount.
The ACCC Chair Gina Cass-Gottlieb said in a media statement: “We will shortly be engaging with fuel wholesalers and retailers to say that we do not expect to see uncharacteristic or abnormal wholesale and retail price increase in the days leading up to, and on the day of, or after, the reintroduction of the full fuel excise rate.
The ACCC said in a report that internationally, wholesale fuel prices peaked in June but have since gone down due.
The ACCC added: “Motorists are reminded that prices will continue to fluctuate with changes in international prices and the exchange rate, as well as petrol price cycles in the five major capital cities.”
The organisation says that they will continue to monitor and update motorists on what is happening with fuel prices and where they can get the best price.
They recommend shopping around: “Shopping around and using fuel price apps can help consumers find the cheapest petrol in their area. Our previous research has shown that buying at independent retailers and avoiding the top of the petrol price cycle in the five largest capital cities can save motorists a lot of money.”
In another statement they advised consumers to buy their fuel from independent chains.
“Consumers who fill up at independent chains will generally save compared with those who only shop at major-branded petrol stations. Motorists who shop around can save money but also support competition between retailers, which helps to keep prices competitive.”