Aussie households are spending less on fuel in recent weeks, but costs remain elevated. (Source: Getty)
Major bank Westpac is giving customers the ability to earn “instant cashback” on fuel gift cards, which it claims could save customers around 13 cents a litre at the pump. Petrol and diesel prices remain elevated due to the war in the Middle East, forcing many Aussies to find ways to help ease costs.
Westpac has announced it will give customers 6 per cent cashback when they purchase Ampol fuel digital gift cards. The offer is running now until May 24 with gift cards available in denominations from $25 to $1,000.
Westpac chief executive, consumer, Carolyn McCann, said unpredictable fuel costs were making it more difficult for households to plan and budget.
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“Fuel is an unavoidable expense for many customers, and when prices are volatile, it adds a layer of uncertainty to household budgets,” she said.
“Customers are looking for practical ways to manage everyday spending, and our six percent cashback offer provides immediate savings at the pump.
“At current Sydney regular unleaded prices, six percent cashback equates to roughly 13 cents per litre in savings – which can add up.”
Westpac customers spent $163.4 million on fuel last week, according to the bank’s analysis of customer data.
This was a drop of 3.8 per cent week on week and follows a 17.9 per cent drop the week prior, which McCann said suggested the fuel excise cut was landing in household budgets.
Fuel spending remains elevated, however, and is still up 16.2 per cent on a year-on-year basis. At a transaction level, Aussies are spending $59.21 on average, which is up 2.9 per cent week on week despite lower pump prices.
Customers can access the cashback when purchasing fuel gift cards via the Westpac Lounge on ShopBack or the Westpac Rewards Hub. Purchases are limited to one per customer per week.
Customers who receive 6 per cent cash back on the maximum $1,000 gift card could stand to save $60 on fuel costs.
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