The phrase “getting slugged at the bowser” is one of my favourites and,as far as I’m aware,uniquely Australian. There’s nothing quite like stony-faced newsreaders saying it whenever petrol prices rise unexpectedly,something I’m sure looks like complete nonsense to anyone unfamiliar with that particular slice of Australiana.
But what about when youactually get slugged at the bowser? That’s no joke.
Petrol prices are on the rise,but there are some things you can try to save at the bowser.Aresna Villanueva
About two years ago,during the pandemic,we had the halcyon days for car owners,as petrol prices fell to their lowest in 22 years,with some lucky punters paying under $1 a litre for fuel. This was thanks to oil prices falling to record lows as supply outstripped demand amid near-global lockdowns. At one point,oil prices even turned negative for the first time ever,a rare moment during COVID where something “unprecedented” actually felt like a good thing.
Following that anomaly,prices began to climb again as demand returned and then escalated as the war in Ukraine disrupted global markets. The Morrison government provided some temporary relief in early 2022 when it halved the rate of fuel excise (a tax motorists pay on their petrol) however this was only a temporary measure and fuel-price pain is back with a vengeance.
What’s the problem?
According to the ACCC,prices for a litre of regular unleaded in Sydney and Melbourne hit $2 around the start of the month,though they have moderated somewhat to near $1.80. Last month’s higher than expected inflation figures were largely attributed to fuel costs.
Australians spend just under $100 a week on fuel on average,according to the,placing it firmly in the top 10 household expenses,and Finder’s Consumer Sentiment Tracker rates it the third behind housing (rent/mortgage) and food. In short,petrol is a necessary evil that no one likes paying for,especially when you find yourself being slugged by unexpectedly high prices.
What you can do about it
Thankfully,saving money on fuel has become almost its own art form,so there are plenty of things to try if you’re hoping to cut costs.
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.