Singapore's gasoline price - the market in which Australia gets much of its fuel - lifted by US 90 cents a barrel to a nine-week high of $49 a barrel, according to CommSec senior economist Ryan Felsman.

"With global oil prices lifting and the East Coast retail petrol price discounting cycle concluding last week, more motorists can expect to see unleaded pump prices closer to $1.50 a litre in the coming fortnight," he said.

In the market for a new car? The table below features car loans with some of the lowest fixed and variable interest rates on the market.

Update resultsUpdate
Filters
LenderCar LoanInterest Rate Comparison Rate* Monthly Repayment Interest Type Vehicle Type Maximum Vehicle Age Ongoing Fee Upfront Fee Total Repayment Early Repayment Instant Approval Online Application TagsFeaturesLinkComparePromoted ProductDisclosure
5.99% p.a.
7.12% p.a.
$580
Variable
New
No Max
$8
$400
$34,791
  • Available for purchasing new and demo vehicles
  • $5,000 to $150,000 loan amount
  • Redraw facility available up to $5000/day
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
 Disclosure
6.52% p.a.
6.95% p.a.
$587
Fixed
New, Used
No Max
$0
$350
$35,236
  • A leading Australian Finance Broker with proven experience you can trust
  • We've assisted more than 150,000 customers access over $8 billion in finance!
  • We are the experts at getting the keys in your hands
 Disclosure
6.28% p.a.
6.28% p.a.
$584
Fixed
New
No Max
$0
$0
$35,034
  • No vehicle age limit
  • No ongoing or early exit fees
  • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
 Disclosure
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

This is in contrast to April, when there was a glut of oil supply, pushing prices of futures into negative pricing territory, which saw motorists enjoy 80 cents/litre petrol.

Mr Felsman said petrol prices are now in the rising phase of the cycle, and motorists should fill up now.

"That said, there is still cheap fuel available if motorists take the time to consult real-time fuel apps and shop around," he said.

In the past week, the Australian Institute of Petroleum reported the national average price of petrol fell to an 11-week low of 116.2 cents per litre (cpl).

However, retailers in the past week had a margin of about 17.3cpl of fuel, which is above the 24-month average of 14.5cpl, according to CommSec.

Motorists hit with longer fuel cycles

Since the COVID-19 pandemic began, east coast drivers have been hit with longer fuel cycles as retailers attempt to recoup losses from less driving, according to Mr Felsman.

"Retailers have been protecting their profit margins with fewer drivers on the road during virus lockdown 2.0 [in Melbourne]," he said.

"Pump prices declined at a snail’s pace over the month-long discounting cycle."

Prior to the pandemic, motorists in Sydney, Melbourne and Brisbane saw fuel cycles take about 16 days to the trough. 

However, since March, the downward portion of the cycle has lengthened - in Brisbane in March the cycle took 37 days to reach its trough; in Sydney it was 38 days, while in Melbourne it was 41 days.

The latest data from the Australian Competition and Consumer Commission (ACCC) indicates for June/July, it took 26 and 27 days to the bottom for Sydney and Melbourne respectively, while taking just 11 and 10 days to rise to a peak.

In Brisbane in June, it took 18 days to the bottom and just 9 days to the top.

RACQ spokesperson Lauren Ritchie told Savings.com.au that they are concerned about fuel retailers hiking the fuel cycle earlier.

"In Queensland unleaded and diesel sales have largely recovered, with the latest data showing they’re at more than 90%of the pre-COVID levels," she said.

"Hiking early boosts average fuel company retail margins and we’re concerned that fuel companies are doing this in Queensland to offset losses caused by COVID lockdown in Victoria."

Ms Ritchie recommended using fuel saving apps, such as RACQ's 'Fair Fuel Finder' app, to "send a message to the expensive retailers that they need to compete for your business".