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Petrol prices set to surge: ACCC warns

AAP logoAAP 5/01/2017

Drivers may want to fill up at the servo in coming days with Australian petrol prices set to surge.

The consumer watchdog says petrol prices are rising on the back the world's oil producing nations mid-December agreement to cut production.

Australian Competition and Consumer Commission chairman Rod Sims said the falling Australian dollar was also likely to push up the prices consumers pay for fuel in Australian.

"The ACCC is concerned that petrol prices are increasing in Sydney, and those in Melbourne, Brisbane and Adelaide may increase in the coming days, so motorists should get in early, shop around, and consider filling their tanks before prices jump," Mr Sims said.

The ACCC said its research also shows that traditionally petrol prices rise sharply before Christmas before dropping off and then creep up again in late January.

Mr Sims said drivers could use information on capital city price cycles on the ACCC website to determine the best time to purchase petrol and use fuel price apps to determine the lower priced sites in their area.

"Motorists are advised to consider purchasing now when petrol prices are relatively low or have not yet reached their peak, and not wait until they need to fill up," he said.

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