RACQ spokesperson Lucinda Ross said the average price of unleaded in Brisbane had dropped by five cents per litre (cpl) since Sunday, and prices would continue to fall.
“We’ve seen significant price reductions in Brisbane, Ipswich and on the Gold Coast recently. It’s occurring a little slower on the Sunshine Coast, but it’s certainly following suit,” Ms Ross said.
“We expect prices will continue to drop by 10cpl or more and hit the bottom of the cycle in the coming week. Drivers should delay buying fuel for now, or just top up the tank if they absolutely need to, rather than fill it up from empty.”
Ms Ross said the high rate of price discounting from retailers was unusual and may be due to increased levels of competition being driven by Queensland’s fuel price reporting trial, which kicked off in December.
“Now that retailers are required to report their prices, there’s a need for them to offer more competitive deals to their customers,” she said.
“We’ve seen more than 33,000 downloads of our RACQ Fair Fuel Finder app in less than two months, so we know motorists are actively considering the alternatives available to them and are making a conscious decision about where they fuel up.
“Locating the cheapest retailer has never been easier, and as always, we urge drivers to reward these servos with their business.”