Blackwater residents cheering, as fuel prices plunge

Unleaded fuel prices across regional Queensland have plunged by more than 40 cents per litre (cpl) in past six months, according to analysis released by RACQ.

RACQ spokesperson Renee Smith said Blackwater reported the biggest reduction, with average prices falling by 60cpl from 159.9cpl in November last year to 99.9cpl in May 2020.

“Unlike south east Queensland, regional Queensland doesn’t have a price cycle and prices stay relatively steady, so to see this amount of change over a short period of time, is quite incredible for drivers,” Ms Smith said. 

“In the past six months we’ve seen fuel prices across Queensland fall, due to the drop in the global oil price, which was caused by the collapse in demand after COVID-19 and the Russia/Saudi oil price war.

“Blackwater residents were the biggest winners, up until recently the town was often one of the most expensive places to fill up in Queensland. 

“Lower oil prices and a new petrol station which opened up in town reviving local competition contributed to the stark decrease in prices.  

“Unfortunately, motorists living in nearby Emerald weren’t as lucky, with the town recording the second lowest drop of just 16cpl. Disappointingly in Emerald we see a lack of competition, and fuel companies have not passed on savings to drivers.”

Ms Smith said prices across regional Queensland had started to rise, as the global oil price had started to increase due to easing COVID-19 restrictions.

“We expect prices will steadily increase in coming weeks, and drivers should fill up while cheaper fuel is still available,” she said. 

“While we can’t control the price of oil, we can control when and where we fill up. That’s why we urge drivers to make sure they use comparison services like RACQ’s Fair Fuel Finder to locate the best price near them.”