Brisbane ULP average now 98 cents

The average price of unleaded petrol (ULP) in Brisbane has dipped to 98.1 cents per litre (cpl) for the first time since March 2016.

RACQ spokesperson Lauren Ritchie said several retailers in the south east had now lowered prices close to 90cpl after the collapse in the price of global oil.

“Prices are changing quickly but as of Thursday morning there are a cluster of fuel companies on Brisbane’s northside selling ULP for close to 90cpl and we expect other retailers will follow in the coming days,” Ms Ritchie said.

“There are also a handful of service stations at Nerang selling ULP for 91.9cpl and the average across the Gold Coast is now below 100cpl, at 98.2cpl.

“Just in the space of a week in Toowoomba, the average price has fallen by 17.2cpl to 99.4pl,  this is a huge fall for a town that doesn’t have a price cycle and the way the market is behaving is unprecedented.”

Ms Ritchie said the last time we saw the average price in Brisbane below 100cpl on a consistent basis was in June 2005 when the average was 98.5cpl.

“Motorists also experienced prices below 100cpl briefly in 2008 immediately after the onset of the Global Financial Crisis and in early 2016, the last time Saudi Arabia started an oil price war,” she said.

“The last time we saw average prices below 90cpl was in January 2005.

“It’s great to see that savings are being passed on to motorists in the south east when times are tough.

“We aren’t driving as much, so it is bitter-sweet, but low-prices will certainly help those who are still travelling for essential purposes.

“We are still in the discounting phase and prices will continue to drop, so hold off filling up the tank if you are doing essential travel.

“We expect oil prices will remain low for the foreseeable future, due to the impacts of demand due to coronavirus and the price war.”