Fuel price records are tumbling as stations advertise Unleaded 91 above $2.40

Compare the Market's Chris Ford said fuel price records were broken over the weekend of March 14-15, with the national retail average now sitting at $2.22.

"Some stations in Melbourne and Sydney are advertising fuel above $2.40 - these are some of the highest prices we've ever seen," Mr Ford said. "Previous price records were set in April 2024, when the national average was around $2.18 and some stations advertised prices around $2.37."

As Orange City Life went to print on Tuesday, most local stations were advertising Unleaded 91 for $2.29-$2.34, with the highest being $2.65.

Mr Ford advised motorists to be on the lookout for the best local prices.

"If you aren't running close to empty, drive past those more expensive stations and fill up elsewhere because there are still cheaper offers available. There's a 20-25 cent difference between advertised prices in some of the capitals, so keep checking the fuel apps to look for a better price on the way to your destination," he said.

“Longer term, there could be more volatility in prices in the next couple weeks with global oil benchmarks climbing higher which could work against a series of moves made by the Government to increase supply."

Surging petrol costs are fuelling fear among motorists, with many looking to create a buffer by filling up at lower prices. A nationally representative survey by Compare the Market found 43 per cent of drivers had panic bought fuel as a shield against rising prices during the past two weeks:

  • 21.8 per cent admitted to filling up without really needing to

  • 17.9 per cent tactically filled up in smaller amounts

  • 3.8 per cent filled up jerry cans as a reserve

Asked what they felt most concerned about, some 34 per cent of motorists worried about how rising fuel prices could make everyday costs harder to manage,

Fifteen per cent were anxious about how long the crisis could last, and 13 per cent were concerned about broader economic impacts like business closures and supply chain issues. Just 5 per cent of people said they were not concerned.

Asked the maximum amount they would consider paying per litre for Unleaded 91, the median response was $2.50.