Fill up the tank now – cheaper fuel is widely available
As south east Queensland hits the cheap phase of the fuel price cycle, RACQ is advising drivers to fill up the tank now.
Club spokesperson Nicky Haydon explained this could be the last cheap phase before the temporary cut to fuel excise ends on September 28.
“Right now 63% of service stations across Brisbane are selling regular unleaded for 158cpl or less, so this is the time to fill the tank and grab cheaper fuel while it’s widely available,” she said.
“Come September 28, the reintroduction of the full fuel excise will add around 25 cents per litre to the retail price of unleaded and diesel.
“Fuel excise is charged at a wholesale level, so we should not see fuel prices jump by 25cpl everywhere across the country overnight. The increase will only be applied to new stock fuel companies purchase after September 28, not to the fuel that is already in the ground.”
Ms Haydon said based on the current global oil price and lower wholesale prices, even when the full fuel excise is reintroduced, motorists shouldn’t see a return of the record highs experienced in March and June.
“The global oil price is now around $20 per barrel less than it was in March so we don’t expect bowser prices to hit 224.9cpl again.
“During the expensive phase of the price cycle, the Greater Brisbane market could see regular unleaded spike to around 215cpl however during the cheap phase prices should sit around 180cpl.
“The full excise will also return on diesel fuel and we expect prices to climb to around 230cpl. At this stage we don’t expect diesel to reach the record price observed on July 1 of 236.4cpl.
“Our message to motorists is to plan ahead for this excise to return. Fill up now while prices are low and use apps like RACQ’s Fair Fuel Finder to make sure you’re getting the best deal.
“You definitely don’t want to have an empty tank on September 28.”