QUEENSLANDERS, particularly those in regional areas, have felt much needed relief at the bowser over the holiday period with petrol reaching its lowest price in 15 months.

But the state’s peak motoring body urges motorists to be quick to fill their tanks as costs will only increase.

RACQ spokeswoman Lucinda Ross said after record-breaking petrol prices in October, the lower price had brought relief to Queensland motorists, particularly in regional areas.

Toowoomba recorded the highest unleaded price drop since October among regional areas. The average cost of fuel yesterday was $1.16 a litre, which was a 43.8¢ drop from October’s high costs.

“Drivers should be taking advantage of the cheap petrol prices and fill their tanks now,” Ms Ross said.

“We’re urging drivers to shop with their cheapest retailer, as we know generating competition is the key to driving down prices in the long run.”

RACQ head of public policy Rebecca Michael said the low prices could partially be attributed to the Government’s real-time fuel price reporting scheme.

“After the introduction of the new scheme, we’ve seen retailers attempt a price hike and they haven’t gotten the reinforcement from the market,” Ms Michael said.

“So they tend to bring their prices back down again to be competitive.”

But while petrol remained low across Brisbane and the Gold Coast yesterday, at an average of $1.12 a litre, the Sunshine Coast was higher at $1.29 a litre, which was still a drop of 36.3¢ since October.

“On the Sunshine Coast, which has previously followed the southeast Queensland petrol price cycle, we’ve noticed some retailers have been a little late to follow the rest of the market and drop their prices, but they have gradually been going down,” Ms Ross said.

Diesel does not operate on a price cycle, which means price changes are gradual. The average price dropped 27.6¢ since October’s record highs, which has brought relief to diesel users.

Dr Rebecca Michael from RACQ says the Government’s real-time fuel price reporting scheme drove prices down.

Ms Ross urges motorists to download the RACQ Fair Fuel Finder app to find service stations offering the best bargains.

“There are a number of domestic and international factors which influence this like the global oil price and the wholesale price the retailers pay,” she said.

“We watch for those early indicators and advise motorists when to fill up and when to hold off.

“We’re currently in the cheap phase of the cycle but we know there’s only one way they can go from here.”

CommSec senior economist Ryan Felsman also warned motorists to hurry to the bowsers this week before prices increased.

“Brisbane retail unleaded petrol prices are averaging $1.15 a litre, the lowest since September 19, 2017,” he said.

“But the discounting cycle looks set to end around Wednesday, January 9, so motorists are well advised to fill-up prior to Sunday.”

Extracted From News.com.au