RACV reveals lowest petrol prices since February 2019 amid coronavirus outbreak
Petrol prices have this week plummeted to their lowest since February last year as the coronavirus spread causes a crude oil glut. Here’s where to fill up your tank on the cheap.
Leader
Don't miss out on the headlines from Leader . Followed categories will be added to My News.
Melbourne motorists will be feeling some relief at the bowser, with the coronavirus outbreak causing crude oil prices to plummet.
New RACV data reveals world crude oil prices have tumbled following a downturn in manufacturing and global air travel in the wake of the virus spread.
Fuel prices at Metro McKinnon were the lowest at $120.9, while BP Connect Clarendon, 7-Eleven Port Melbourne and Altona West dropped to $121.9.
RACV senior vehicle engineer Nicholas Platt said the drop in demand and subsequent oversupply had seen the wholesale price of petrol in Australia fall to its lowest level since February last year.
“This has led to an unlikely benefit for motorists with the average price of unleaded petrol in Melbourne currently selling for just over $1.27 per litre, the lowest price so far this year,” Mr Platt said.
“While these prices are low, RACV believes that there is still sufficient margin for retailers to maintain these prices and no reason for prices to suddenly sky rocket.”
He said this was the biggest fall in retail petrol prices in Melbourne since October last year.
“The figures show world oil prices fell around 14 per cent last week alone. China, the largest oil refiner in Asia and the world’s second-largest oil refiner, has already cut its output by 12%, or 600,000 barrels a day,” Mr Platt said.
MORE NEWS
GERMAN SHEPHERD FINDS FUR-EVER HOME AFTER ROUGH START
NUNAWADING HIGHWAY PATROL SHARE THE GOOD, BAD AND UGLY
BEST OF MELBOURNE 2020: VOTE FOR MELBOURNE’S BEST PIZZA
“And Malaysian Tapis crude prices, the index most relevant to the Australian market has seen over $20USD wiped off the price of a barrel since the beginning of January, leading to the lowest prices in over a year.”
Mr Platt said the best way for Victorian motorists to make sure they were getting the cheapest petrol prices was to use a comparison app or website, such as the RACV fuel finder.
“If prices are high top-up and wait for them to fall before filling up.”