Mt Isa misses out on savings, as fuel prices plunge

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

Media Release

RACQ spokesperson Renee Smith said while other towns were celebrating large savings, Mt Isa average prices had only fallen by 13.3cpl from 156.2cpl in November last year to 142.9cpl in May 2020.

“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,” Ms Smith said.

“Unlike south east Queensland, regional Queensland doesn’t have a price cycle and prices stay relatively steady, so to see such big changes across the State over a short period of time, is quite incredible for drivers.

“Unfortunately, motorists living in Mt Isa weren’t as lucky, with the town recording the lowest drop of just 13.3cpl. Disappointingly in Mt Isa 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.”