Prices bounce back at the bowser in Toowoomba
RACQ has revealed the days of record cheap fuel were over, after the average price of unleaded petrol (ULP) in regional Queensland increased to 115.5 cents per litre (cpl) in June, 10.5cpl higher than last month.
The Club’s June Monthly Fuel Price report found the average price in Toowoomba increased by almost 17cpl to 121.3cpl, following a sharp increase in early June.
RACQ spokesperson Renee Smith said prices jumped across the State after oil prices steadily increased in May and June, but oil, now at $US 40 per barrel, remained substantially lower than the $US 60 per barrel we experienced in January.
“It was good while it lasted but unfortunately the days of ULP 100cpl are behind us for now,” Ms Smith said.
“Oil prices were higher in June due to an increase in demand as Governments lifted COVID-19 travel restrictions.
“There was also a substantial drop in oil supply due to the production cuts agreed to by the Organisation of the Petroleum Exporting Countries and their allies including Russia. There was also a dramatic reduction in US shale oil production.
“A change in the price of global oil can take up to six to eight weeks to flow on at the bowser in regional areas which is what we’re seeing at the moment.”
Ms Smith said further west, Miles recorded the cheapest average ULP price in June for all of regional Queensland with 102.6cpl.
“The June average in Miles was 11.1cpl higher than in May, but we’re still seeing really competitive prices, which is great news for motorists,” she said.
Ms Smith said no matter where you were in the State, the advice remained the same when it came to filling up the tank.
“Motorists underestimate how much power they have when it comes to keeping prices as low as possible, if they would only do a little bit of homework,” she said.
“We’re urging motorists to use tools like apps to fill up for the best price possible. Supporting the fuel companies offering the cheapest price will encourage competition in your local area.”