Oil price instability set to hit Qlders at the bowser

An increase in the global price of oil would soon impact Queensland drivers, the State’s peak motoring body has warned.

The Guardian reported the United States’ decision this week to withdraw from the Iran nuclear deal had raised concerns the global supply of oil would be squeezed, and pushed up the price of Brent Crude on Wednesday by almost three percent a barrel to US$76.95.

RACQ spokesperson Lucinda Ross said it was another factor in a long line of issues that had caused increases in the global oil price over the past 18 months.

“Prices have been steadily increasing since OPEC decided to cut production in November 2016, but President Trump’s decision to withdraw from the Iran nuclear deal has caused a greater increase in the price of oil and, unfortunately, in the coming weeks we’ll see that flow onto us here in Queensland,” Ms Ross said.

“We’re currently in the discounting phase of the south east Queensland petrol price cycle, and this higher oil price will become more evident in the south east as we progress through other phases of the cycle. It’s likely prices during the next cheap phase will be dearer than the last one, and they’ll also jump higher during the next price hike.”

Ms Ross said unleaded petrol markets across south east Queensland had either reached, or approached, the cheap phase of the cycle.

“Prices on the southside of Brisbane, the Gold Coast and Moreton Bay are low and we’re urging drivers to buy now. The target price for Brisbane’s south is 140 cents per litre (cpl), on the Gold Coast is 139cpl and in Moreton Bay is 138cpl,” she said.

“Motorists across the rest of south east Queensland should hold off a few more days before filling up and then take advantage of cheaper prices.”

Average petrol prices across south east Queensland:

  • Moreton Bay – 141.8cpl
  • Brisbane – 144.2cpl
  • Gold Coast – 140.4cpl
  • Sunshine Coast – 146.6cpl
  • Ipswich – 144.8cpl.