Billionaire entrepreneur Adrian Portelli is set to shake up South Australia’s fuel market, with plans to sell petrol at wholesale prices possibly as low as $1 per litre.
The self-made businessman, who has built a cult following by giving away homes, cars and cash, will open his second LMCT Plus petrol station within five minutes of Adelaide’s CBD in as little as 12 weeks.
Expansion to Adelaide
“LMCT plus petrol, we’re coming to South Australia. It’s been long awaited,” Portelli said. While he’s keeping the exact location under wraps for now, Portelli revealed he’ll be taking over an existing service station and rebranding it.
If his Melbourne operation is anything to go by, motorists could pay as little as 99 cents a litre, a prospect that has excited potential customers.
“Fuel economy is bad right now, so bring the price down a little bit, help people out, be awesome I reckon,” one motorist said. Another added: “I think it’ll actually make me feel like my tanker more often than I do now, which would be good for my car.”
Membership Catch
However, there is a catch. The discounted fuel will only be available to LMCT Plus members who pay an annual subscription fee of $99.
“We want to accommodate to our members, and it allows us to give away this cheaper fuel. We’ve pumped back about $800,000 in savings back into the community in just five weeks,” Portelli said.
Pushback and Confidence
Not everyone is welcoming the expansion, with Portelli acknowledging pushback from at least one operator. “There has been pushback from one operator and I say go for it, bring it on,” he said.
Portelli is confident the venture will be a success, saying he expects to need traffic control when the station opens. “There’s not an issue with fuel supply here in Australia, I think it’s just an issue with how much money they’re making out of it,” he said.
The billionaire expects to reveal the new site location in the coming weeks.
