Relief for drivers after global oil price drop

As the global oil price softened, the State’s peak motoring body has predicted some much-needed hip pocket relief was on the way for Queensland motorists.

RACQ spokesperson Lucinda Ross said after months of high petrol prices, the Brent crude oil price had in one week dropped by almost US$3 to US$75.4 per barrel which would have a downward impact on the local wholesale price in Brisbane.

“It’s great to see that oil price dropping because motorists in Queensland will eventually benefit as we’ll see that decline reflected in local prices,” Ms Ross said.

“It normally takes about seven to 10 days for a change in the global oil price to affect the Brisbane wholesale price, which means in a few weeks that’ll flow onto regional centres, depending on the size of the town or city.

“We’ve been paying high prices for quite some time now so this will be welcome relief.”

Ms Ross said motorists impacted by the south east Queensland petrol price cycle could expect prices to fall over the next week.

“We’re currently in the discounting phase of the cycle in the south east but have only seen the average ULP price drop 1.6 cents per litre (cpl) in the last week. We should expect to see prices fall by about 1-2cpl per day later this week with the cheap phase predicted early next week,” she said.

“If drivers can hold off a bit longer, they’ll receive the full benefits. If you need to fill the tank, aim for 155cpl or less.”

Drivers could find the cheapest prices in their area at RACQ’s Fair Fuel website.