Fuel excise returns in full: what it means for regional Qld
From midnight the Federal Government’s cut to fuel excise will end, adding 25.3 cents per litre (cpl) to the wholesale price of unleaded and diesel.
RACQ spokesperson Nicky Haydon said a recent drop in global oil prices could buffer some of the excise increase for regional Queensland.
“We shouldn’t see prices hike dramatically overnight and there are several reasons behind that,” Ms Haydon said.
“Fuel companies have already purchased the stock they have in the ground at the discounted excise, so they need to use that fuel first before purchasing new stock at the higher price.
“Global oil prices have also fallen significantly from where they were in June and they are continuing to fall, so that should lead to lower wholesale prices in the next week.
“Right now, average prices for regular unleaded across most of regional Queensland are sitting just under 160cpl so we shouldn’t see a return to those record prices that were well above $2.
“Diesel prices for regional Queensland however are already at or above $2 per litre and we do expect these to climb in the coming days and weeks.
“Going forward, the cost of a 50-litre tank of either unleaded or diesel will increase by around $12.60, but the falling global oil price could mitigate that.
“Petrol retailers in larger cities like Cairns and Townsville will likely increase their prices sooner than remote towns as they have a higher turnover of fuel.
“It’s important motorists pay extra attention to fuel prices over the next few weeks and use apps like RACQ’s Fair Fuel Finder to make sure they’re getting the best deal they can.”