Townsville residents cheering, as fuel prices plunge

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

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RACQ spokesperson Renee Smith said Townsville average prices had fallen by 43.7cpl from 147.2cpl in November last year to 103.5cpl 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.”

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.”