Costco’s fuel outlet at Perth Airport offered motorists the cheapest petrol in 2020 with FuelWatch, which is celebrating its 20^th anniversary, releasing its annual list of sites that consistently have bargain prices.

On average, the Costco price for ULP was 95.1 cents per litre (cpl) over the year but is only available to members, so FuelWatch has also awarded the number one spot to Liberty at Gosnells, open to the general public, with an annual ULP average of 102.9 cpl.

As in previous years, independent retailers dominated the cheapest top ten table with FastFuel 24/7 at Forrestfield coming in second with 106 cpl and Puma High Wycombe in third place with 108.9 cpl. FastFuel 24/7 Forrestfield was the cheapest site in 2019 and 2018.

The average price for ULP in Perth metro for 2020 was 119 cpl, much lower than the previous year’s 140.2 cpl.

Commissioner for Consumer Protection Lanie Chopping said international prices, and therefore Perth retail prices, were extremely volatile in 2020.

“The first four months saw the ULP benchmark and world oil prices decrease substantially and very quickly mainly due to lower world demand as travel restrictions, aimed at abating the spread of COVID-19, were put in place.” Ms Chopping said.

“By the end of April the weekly average price of ULP in Perth was 96.6cpl, the lowest in 15 years but, by July, local prices increased in line with partial recoveries in international prices as many parts of the world came out of lockdown and oil exporting countries reduced supply.

“In the second half of 2020, prices were broadly level due to downward price pressure caused by slowing global economic activity, as further outbreaks of the coronavirus resulted in further lockdowns, and upward price pressure influenced by economic recovery hopes as vaccines are rolled out and the US progresses a major economic stimulus package.”

FuelWatch first began reporting prices on 3 January 2001 when the average price of ULP was around 85 cpl. However, when adjusted for inflation, the price 20 years ago is very similar to what it is today.

During that time the lowest price of 69.9 cpl was recorded in October 2001 while the highest price of 172 cpl was recorded from June to August 2008.

“The weekly price cycle continued in 2020 with, on average, Mondays and Tuesdays being the cheapest days and Wednesdays and Thursdays the most expensive,” the Commissioner said.

“FuelWatch estimates that by checking the FuelWatch website and buying petrol at the cheapest site each time, instead of the most expensive, motorists could save up to $1,180 a year if they fill up every week.

“Perth petrol prices generally follow movements in the Singapore benchmark with a lag of one or two weeks.   Last week the benchmark trended upwards and, as a result, the short term outlook is for Perth petrol prices to increase.”

Visits to the smartphone-friendly FuelWatch website continued to average more than a million per month in 2020.

Fuel price information is available at www.fuelwatch.wa.gov.au and, after 2.30pm each day, motorists can compare both today’s and tomorrow’s prices. Email alerts can also be sent out daily or motorists can call 1300 30 40 54.

Cheapest ULP retailers in Perth metro area for 2020:

*Membership required

Cheapest ULP retailers in Perth metro area for 2020 (by region):

*Membership required

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Media Contact: Alan Hynd, (08) 6552 9248 / 0429 078 791 / alan.hynd@demirs.wa.gov.au