NRMA LAUNCHES PETROL BAROMETER AS MOTORISTS BRACE FOR PRICE HIKE

New research by NRMA Motoring & Services show the public are bracing themselves for higher petrol prices in the next six months and lays the blame at the feet of oil companies.

A survey of almost 1,300 motorists in NSW and the ACT found that 73 per cent of motorists expect petrol prices to rise in the coming months. Almost two-thirds (62%) believe profiteering by the oil companies will be the cause, rather than market forces.

The NRMA has today launched its new Petrol Barometer at www.roadtube.com.au, which will enable motorists to see if they are being over-charged for petrol on a daily basis.

NRMA President Wendy Machin said the service was being launched in time for the Christmas holidays when thousands of families go away and prices had previously increased unexpectedly.

“Over the last two years we have seen sudden price increases at Christmas time – through NRMA’s new Petrol Barometer motorists will be able to see if they are paying a fair price for fuel every day,” Ms Machin said.

“We will look at the factors which influence daily price movements including the Singapore Mogas price, the exchange rate and Sydney’s weekly price cycle because Sydney prices fluctuate daily.”

The barometer will light green when prices in Sydney are in line with where the NRMA’s research suggests they should be set; amber when prices are two to three cents higher; and red when prices are four-cents-per litre or more above NRMA’s suggested price.

“Our new barometer will mean the actions of the oil companies will be under constant public scrutiny,” Ms Machin said.

“If the barometer reaches red then the NRMA will notify the Petrol Commissioner.”

The barometer will also tell the public when the cheapest and most expensive days are for buying petrol so that motorists can save money at the pump.

“It will also help identify any unexplained movements in the cycle, like the one three weeks ago when the cheapest day shifted from Wednesday to Thursday morning,” Ms Machin said

The Petrol Barometer can be sourced at www.roadtube.com.au and will also have a widget application so that it can be shared on social media sites.