Petrol prices plunge
Oil surplus helps Toowoomba residents to save a buck at the bowser
FUEL prices in the Darling Downs have plummeted after hitting a four-year high earlier this year.
Unleaded petrol price records were broken in Toowoomba, Rockhampton and Warwick in October, with unleaded petrol prices reaching 157.2 cents per litre on average in the Darling Downs. Residents planned to take part in a national fuel boycott and protest over the all-time high.
RACQ spokeswoman Lucinda Ross said average prices had plummeted during the Christmas period, and this trend was expected to continue.
“We’re currently in the discounting phase of the petrol price cycle so we’re seeing an increasing number of retailers drop their prices - but what’s really encouraging is we think it’s going to get even cheaper,” Ms Ross said.
“If you can hold off filling up the tank for now, you’ll save, because there’ll soon be even better deals around.”
The sudden drop in petrol prices is due to a shift in the world market, with supply now exceeding demand as global oil and gasoline inventories increase.
This has led to the collapse of the global oil price after it hit a four year and nine-month record high in early October.
Diesel drivers had also recently benefited from cheaper prices at the pump, with the commodity dropping, on average, almost 22cpl since October.
“Diesel doesn’t operate on a price cycle, so any changes are generally only gradual and over time,” Ms Ross said.
Ms Ross said regardless of whether drivers pumped petrol or diesel into their tanks, RACQ’s advice was the same.
“Before hitting the road, make sure you’re doing your research on where the cheapest prices are so you’re only ever supporting those servos doing the best by drivers,” she said.
“Drivers can find the cheap sites by downloading the RACQ Fair Fuel Finder app.”