Melbourne motorists will be feeling some relief at the bowser, with the coronavirus outbreak causing crude oil prices to plummet.
New RACV data reveals world crude oil prices have tumbled following a downturn in manufacturing and global air travel in the wake of the virus spread.
Fuel prices at Metro McKinnon were the lowest at $120.9, while BP Connect Clarendon, 7-Eleven Port Melbourne and Altona West dropped to $121.9.
RACV senior vehicle engineer Nicholas Platt said the drop in demand and subsequent oversupply had seen the wholesale price of petrol in Australia fall to its lowest level since February last year.
“This has led to an unlikely benefit for motorists with the average price of unleaded petrol in Melbourne currently selling for just over $1.27 per litre, the lowest price so far this year,” Mr Platt said.
“While these prices are low, RACV believes that there is still sufficient margin for retailers to maintain these prices and no reason for prices to suddenly sky rocket.”
He said this was the biggest fall in retail petrol prices in Melbourne since October last year.
“The figures show world oil prices fell around 14 per cent last week alone. China, the largest oil refiner in Asia and the world’s second-largest oil refiner, has already cut its output by 12%, or 600,000 barrels a day,” Mr Platt said.
“And Malaysian Tapis crude prices, the index most relevant to the Australian market has seen over $20USD wiped off the price of a barrel since the beginning of January, leading to the lowest prices in over a year.”
Mr Platt said the best way for Victorian motorists to make sure they were getting the cheapest petrol prices was to use a comparison app or website, such as the RACV fuel finder.
“If prices are high top-up and wait for them to fall before filling up.”Melbourne’s cheapest petrol
120.9c —Metro McKinnon
121.9c — 7-Eleven Port Melbourne, BP Connect Clarendon, 7-Eleven Altona West
123.7c — Liberty Seaholme, Puma Laverton North, Woolworths Caltex Coburg, Dayef Petroleum
123.9c — Caltex Elsternwick, St Kilda, Glenhuntly and Altona North, 7-Eleven Altona, Footscray West, St Kilda, Caulfield and Williamstown North, United Kensington, Shell South Melbourne, BP Brooklyn, Coles Express Laverton North
124.7c — United Murrumbeena
124.9c — 7-Eleven Yarraville
173.9c — Moroneys Service Station, Essendon
160c — Attwells Tyre & Front End Service, Avondale Heights
139.9c — IGA Express, Caulfield
136.9c — Panteli’s Service Station
133.9c — United Brooklyn South
Extracted from Herald Sun