Australian billionaire Adrian Portelli has announced he will sell petrol for $1 per litre as he prepares to open his first petrol station.
Portelli will open his first LMCT+ petrol station this week. The station is located in Preston, about 10km north of Melbourne's CBD, and he hopes it will be the first of many across Australia.
Portelli, 36, said the discounted unleaded fuel will begin to pour from the bowser on Thursday.
'It's starting to sink in now, we are loading up for this week's launch,' Portelli said.
However, there's a catch: only members of his subscription-based rewards club, LMCT+, will be able to access the discount.
'Members only, it's a soft launch, if you're not a member, become a member,' he said.
Portelli said the service station, which is located on the corner of Gower Street and Plenty Road in Preston, about 10km north of Melbourne's CBD, would be one of many across Australia.
Membership for LMCT+ starts at $19.99 per month.
Adrian Portelli said the unleaded fuel will begin to pour from the bowser on Thursday
The $1 per litre discount will only apply to members of his subscription-based rewards club
Portelli has said 50 additional sites are already under negotiation, including locations beyond Victoria, with a national rollout expected to begin soon.
It comes after fuel prices soared following the Iran war, prompting Prime Minister Anthony Albanese to temporarily halve the fuel excise tax.
The Albanese government has halved the fuel excise until June 30, which makes fuel 26.3 cents per litre cheaper, but economists have warned the fallout from the conflict is likely to last at least six months.
During a press conference on Wednesday morning, Albanese would not be drawn on a potential extension of the fuel excise cut.
He had just announced four cargoes carrying 200 million litres of diesel will soon arrive on Australian shores.
'We’ve been upfront about the uncertainty we face. If anyone here can tell me when the Middle East conflict will end, they’d be the only people in the world who know,' he said.
'Until then, we will keep acting - not sitting on our hands - and work with states, industry, and international partners to protect Australians.'
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Is it fair to offer $1 fuel only to paid club members while others struggle with soaring petrol prices?
The service station which is located in Preston,Victoria is expected to open this week (pictured is the concept image)
The cargoes are expected to arrive in May or in the first week of June at ports in Brisbane, Geelong, Sydney and Kwinana, near Perth.
Albanese said the government will continue to work with Ampol, Piper Gilles and other fuel suppliers to secure additional fuel supplies in the coming weeks.
He said there are currently 61 ships carrying fuel on their way to Australia.
Australia has also secured an additional 250,000 tonnes of fertiliser for farmers.