Oil price drop should mean cheaper fuel for motorists
South East Queensland motorists should see cheaper fuel in the coming days with Brent crude oil prices now at $97.4US a barrel (as at midday 9 November), down from $111.9US a week ago.
The reduction in oil prices has also triggered a drop in Singapore unleaded and diesel benchmark prices, which should mean a reprieve at the bowser for Queenslanders.
RACQ Principal Economic and Affordability Specialist Dr Ian Jeffreys said the fall should provide timely relief for motorists after last week’s interest rate rise and ongoing cost-of-living pressures.
“Global oil prices fell significantly last week, hitting a low on Wednesday before a slight rebound at the end of the week,” Dr Jeffreys said.
“Fuel retailers in capital cities should be passing this reduction on to motorists in the coming days, and regional motorists should feel the same relief in the coming weeks.”
Regular unleaded in Greater Brisbane is on average 231.5 cents per litre (CPL), down 6.8cpl on last week. Diesel is down 5.5cpl to 279.5cpl.
RACQ said Greater Brisbane motorists should aim to pay 220cpl or less for ULP.
“Cheaper fuel is widely available in Greater Brisbane, but currently scarce in the rest of SEQ,” Dr Jeffreys said.
“As at 9 November, we’re seeing around 20% of sites in Brisbane charging 220cpl for regular unleaded, so there is cheap fuel available.
“Across regional centres, we’ve seen the largest decrease so far in Gladstone, down by 5.3cpl compared to last week’s prices.”
Dr Jeffreys urged motorists to shop around to find the best deal.
“Make sure you use apps like RACQ’s Fuel and Deals to find the cheapest sites – typically the smaller independent service stations will keep their prices lower for longer,” he said.
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