Australian billionaire Adrian Portelli has once again stunned the public by reducing the price of fuel at his newly opened Melbourne petrol station to just 49 cents per litre. The 37-year-old entrepreneur, who launched the LMCT+ petrol station in Preston last week with unleaded petrol at 99 cents per litre, announced the further reduction on Thursday.
Instagram Announcement
Portelli took to Instagram to share a video showing him kicking the price sign before it changed to 49.99 cents. Sporting a cheeky grin, he declared, 'F*** the system,' before walking out of frame. In a subsequent clip, he joked that he had increased the price, then revealed the sign still read 49.99, adding, 'Go and get f***ed, 49 cents. You know what? F*** you all – 49 cents, come and get it.'
Public Reaction
The announcement was met with enthusiastic approval from his 1.2 million Instagram followers. One commented, 'When you make the right person filthy rich,' while another wrote, 'This man is for the people.' A third user took a swipe at the Federal Government, saying, 'Done more for the people in the last few weeks than Labor has done in six months.' Another follower noted, 'I don't remember petrol being this low in my entire life.'
Historical Context
Portelli highlighted that petrol in Australia hasn't been 49.9 cents per litre since around 1985. Adjusting for inflation, that would be roughly equivalent to a dollar today, making this the cheapest petrol ever sold in the country. 'So, it's fair to say that petrol has never been sold in Australia this cheap ever before,' he said.
Business Model and Criticism
Portelli's petrol station is part of his LMCT+ subscription-based rewards club. Members pay an annual fee of $240 to access the discounted fuel prices. Critics have questioned the savings, with one person arguing that the membership fee offsets any benefit. However, Portelli countered, stating that even saving 20 cents per litre on a 50-litre weekly fill results in $520 annual savings, far exceeding the membership cost. 'You're actually stupid,' he retorted. 'Shut your mouth and stop spitting s**t.'
Future Plans
Portelli indicated that the low prices are a temporary thank-you to his customers and that prices will eventually rise. He aims to offer wholesale fuel prices to his members. 'I'm willing to take a hit to the pocket to support them in these times,' he said. The opening event last week saw him mobbed by fans and culminated in a $1 million giveaway.
