GOLD COAST fuel prices have dropped 44 cents in just over a month and 11 cents this week as international prices finally give motorists a break.
Yesterday, motorists could buy unleaded for as cheap as $1.189 a litre at Caltex Star Mart at Surfer Paradise, while the average price was $1.25.
Last month prices hit an all time high of $1.69 a litre as a result of US sanctions on Iran and a weak Australian dollar.
“In the last month, the oil price has weakened by 25 per cent – this combined with the fuel price cycle has led to a large drop in the price of unleaded which is now the lowest it’s been in eight months,” RACQ spokeswoman Kirsty Clinton said.
“The year to date average price for unleaded on the Gold Coast is $1.44.
“In the past week, the RACQ Fair Fuel price on the Gold Coast has dropped from $1.36 down to $1.25 today.
“We saw a new all-time record high on 13 October 2018 with unleaded retailing at $1.69 – just over a month later and prices have fallen by $0.44 or more.”
The hikes in October created a stir across the country, with a National Fuel Strike organised to protest sky-rocketing prices at the bowser.
At the time RACQ spokeswoman Lucinda Ross said fuel might not dip below $1.40 ever again.
She said global tensions, a weak Aussie dollar and anti-competitive behaviour were fuelling the price hike.
“We have a perfect storm here at the moment which is driving up prices at the bowser,” Ms Ross said.
“The US sanctions on Iran is contributing to a rise in the global oil price, the Australian dollar has weakened and some Gold Coast service stations have hiked their prices.
“We are heading towards a four-and-a-half year record in Brisbane if we see an average price of 165.6 cents per litre and typically the Gold Coast tends to follow a few days after.
“On the Gold Coast we’re already seeing the hike start so drivers need to fill up now at around 140c per litre if they can find it because good prices won’t be around for long.
“When real time fuel monitoring is introduced in December drivers should use the technology to find the cheapest place to fill up and this will help drive competition and bring down prices.”
According to Petrol Spy people across the border are still being fleeced as some petrol stations are charging 25 cents more than the Gold Coast average.
According to the website there are just two petrol stations from the border to Brunswick Heads under $1.40 per litre.
Extracted from Gold Coast Bulletin