More cheap fuel on the way for regional Queensland

Motorists in regional Queensland could see prices at the bowser fall even further, with the Brent oil price hitting a 17 year low on Thursday morning.

RACQ spokesperson Lauren Ritchie said regional Queensland had already seen the results of a low global oil price filtering through at the bowser, with Toowoomba prices dropping by 27.5 cents per lite (cpl) in the past month.

“We’ve seen oil prices fall substantially due to coronavirus and global economic instability, in fact the last time we saw the Brent price this low was in May 2003,” Ms Ritchie said.

“Toowoomba drivers have been the real winners, with the regular unleaded price falling to 118.6cpl, we’ve also seen fuel prices in Bundaberg, Maryborough Gladstone and Gympie, drop in line with the falls in the Terminal Gate Price and the oil price, and we expect prices to fall even further in the coming weeks.”

Ms Ritchie said unfortunately fuel companies in some towns had been using the drop in oil price to bolster retail margins, rather than passing cuts on to motorists.

“Unfortunately, in Rockhampton, Mackay, Townsville and Cairns retail prices and margins remain substantially higher than we would expect,” she said.

“It’s very disappointing fuel companies have been keeping these savings for themselves and not passing them on to motorists.

“It’s really important drivers don’t reward this bad behaviour and make sure they’re shopping around, using apps like RACQ’s Fair Fuel Finder to find the best deal in their area.”

 

 

Latest ULP price

Monthly change retail price

Latest indicative retail margin

Monthly change - IRM

Toowoomba

118.6

-27.5

-1

-18.3

Bundaberg

126.0

-9.7

4.1

-0.5

Maryborough

124.3

-9.2

3.5

0

Gladstone

124.7

-15.5

4.3

-6.2

Rockhampton

139.1

-6.4

17.6

2.9

Mackay

139.0

-7.4

17.6

1.9

Townsville

134.9

-6.2

13.0

3.2

Cairns

138.3

-6.0

16.4

3.3

Gympie

124.3

-13.6

4.6

-4.4