Global oil prices hit three month high
The State’s peak motoring body has urged drivers to be savvy when they filled the tank following a recent global oil price increase.
It came as the Brent crude oil price hit a three month high this week, selling at more than US$67 a barrel in recent days.
RACQ spokesperson Clare Hunter said production cuts were a key driver behind the rise and had generated greater demand in the global commodity market.
“We’ve seen Organization of the Petroleum Exporting Countries (OPEC) production cuts, chiefly by Saudi Arabia. Following this we’ve seen the wholesale price across the State also increase,” Ms Hunter said.
“These changes demonstrate the volatility of the industry and how Queensland drivers really are at the mercy of many global factors.”
Ms Hunter said regardless of the movements in the global oil price, it was a timely reminder for all drivers to do their research they hit the bowser.
“We can’t control what happens on the global stage, but we can choose where and when we fill the tank,” she said.
“By shopping around and buying at those retailers offering the best deals, as well as buying during the cheap phase of the cycle if you’re in the south east, you could save yourself hundreds of dollars every year.”
Drivers could download RACQ’s Fair Fuel Finder app to locate the lowest price in their area.