$1 fuel predictions are a stretch: RACQ

RACQ has warned motorists in south east Queensland not to hold off filling the tank to wait for unleaded petrol (ULP) prices to drop to $1 per litre.

Club spokesperson Lauren Ritchie said claims circulating in the media about such a significant drop in the price of fuel were highly speculative.

“ULP won’t be available for $1 per litre in the south east any time soon, so at the moment it’s a big ‘if’,” Ms Ritchie said.

“If global oil prices continue to drop from OPEC abandoning their production cut and Saudi Arabia dramatically cutting prices and raising production, combined with the impact of coronavirus, we might see fuel for $1 per litre, but it would take one to two months to filter through at the bowser.”

Ms Ritchie said motorists in Brisbane had already enjoyed a longer cheap phase than usual because of a drop in the global oil price over the last six weeks.

“It’s great to finally see some good news at the bowser for consumers,” she said.

“Prices could jump at any time in Brisbane, but when they do peak, we expect prices to be lower than the last price hike because of what’s happening globally.

Fill the tank now and enjoy the lowest prices we’ve seen in Brisbane since February last year.”