RACQ predicts petrol prices will continue to fall
It’s the perfect time to fill-up, with petrol prices in southeast Queensland the cheapest they’ve been in 15 years, due to a ‘perfect storm’ of price-driving externalities. SEE THE LIST OF THE CHEAPEST SERVOS.
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PETROL prices in Southeast Queensland have reached lows not seen in 15 years, and the state’s peak motoring body says prices will continue to drop.
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The average Unleaded price in Brisbane today was 92.6cpl cents per litre, with ULP as low as 79.9cpl at United Virginia.
As of 11am, 30 per cent of in Greater Brisbane were selling ULP for 90cpl or less.
“Motorists needing to carry out essential travel are filling up at record lows,” RACQ spokeswoman Renee Smith said.
“The last time we saw unleaded prices in Brisbane this low was in January 2005.”
If you filled up with 60L of unleaded fuel this time last year, you would have paid on average $89.10, today you would pay $55.56.
Ms Smith advised the cost of fuel will continue to drop further at the end of this week due to a “perfect storm” of decreased demand due to COVID-19 movement restrictions, an Saudi/Russia oil price war, and cyclical monthly lows.
“We expect fuel prices will continue to fall in the coming weeks,” she said.
Ms Smith said profit margins on unleaded in southeast Queensland are at a reasonable level given the falls in the oil price, however diesel prices are substantially higher than she would expect.
SCROLL DOWN TO SEE A LIST OF THE CHEAPEST SERVICE STATIONS
“Given the current oil price and local Terminal Gate Prices, diesel in Brisbane should be no higher than 105cpl, the latest BNE average is 126.2cpl,” she said.
“Unleaded prices in central and north Queensland are too high, but in large southern regional centres including Bundaberg, Toowoomba and Maryborough prices are reasonable.”
News broke overnight that crude oil sellers in the US had actually started paying buyers to take the ‘black gold’ off their hands.
Traders selling West Texas Intermediate crude oil for delivery in May were willing to pay $US37.63 a barrel for someone to take it off their hands.
It is the first time in history an oil futures contract has traded at a negative price.
Ms Smith said as Australia prices off Brent, the negative Western Texas Intermediate oil price won’t have an immediate direct effect on our petrol prices.
“Singapore and Australian prices follow the trend set by Brent and in the coming weeks if we see this fall in the Brent price continue, it will flow onto Queensland Terminal Gate Prices, and then result in prices further dropping at Queensland servos.”
Highgate Hill resident Caitlin Smollett, 22, said she had “never seen petrol so cheap in her life” while filling up with unleaded for 84.9cpl at United Woolloongabba.
“I needed petrol to go to the supermarket but I’m not really going anywhere else at the moment,” she said.
“Cheap petrol is great but I don’t have a job to drive to right now because I was living in Canada and came home early three weeks ago.”
HOT SPOTS FOR FUEL IN SOUTHEAST QUEENSLAND
The cheapest site in southeast Queensland is United Virginia at 79.9cpl.
Southside (85 and 86cpl unleaded)
Woolloongabba
Acacia Ridge
Archerfield
Coopers Plains
Dutton Park
Annerley
Ipswich/Logan (85 and 86cpl unleaded)
Carina
Springfield
Forestdale
Boronia Heights
Greenbank
Northside (85 and 86cpl unleaded)
Bald Hills
Brendale
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