Australian Financial Review (AFR) reported prices had been driven down by a lower oil price, caused by concerns about the slowing United States’ (US) economy, Donald Trump’s trade war with China, and his import tariffs on Mexico.
Brent oil prices had fallen to $US61.67 a barrel, $US11.18 lower than two weeks ago.
RACQ spokesperson Paul Turner said the global factors, including a build-up in US oil reserves, had put downward pressure on wholesale prices in Australia, and this should flow through to the retail price from next week.
“The great news for drivers is global oil prices are falling and it’s become visible here in Australia with lower local bowser prices,” Mr Turner said.
“What it means is in the major capital cities, where there are petrol price cycles, the bottom of the cycle will be lower, and then when servos hike their prices again, they should also be lower.
“We also should see a fall to the price of fuel in regional towns and cities across Queensland.”
Mr Turner said the south east Queensland unleaded petrol (ULP) market had reached the bottom of the cycle so now was the time for drivers to fill up.
“While prices are currently low, they could hike at any stage. Motorists should get out there today and fill up before they jump again because, when they do, it could be by 20-30 cents per litre (cpl),” he said.
“If you’re in Brisbane, Ipswich or on the Gold Coast, aim to buy ULP at 135cpl or less.”
Drivers could download RACQ’s Fair Fuel Finder to find the cheapest prices in their area.