Record low fuel prices set to rise
The RACQ is warning motorists that record low fuel prices are beginning to rise in that state, suggesting the long low price cycle is coming to an end.
THE RACQ yesterday warned Queensland motorists that the end is now in sight for our record low fuel prices as retailers have begun raising their prices. The same has been reported by the RAA in South Australia, with the NRMA predicting modest price rises over the next few weeks.
RACQ’s Joe Fitzgerald said the record long price cycle, now at 85 days [in QLD], looked set to end with approximately 20% of retailers now selling unleaded for 119 cents per litre (cpl) or more.
“Motorists should look to fill up now, with retailers raising their prices by as much as 25cpl,” Mr Fitzgerald said.
Fitzgerald added that the unpredictability of the price cycle meant that it was impossible to predict whether the five-year lows experienced in recent months would return.
“Motorists have been able to take advantage of cheap fuel in recent weeks but there’s a chance we won’t see them this low again for some time.”
Earlier this week, the NRMA released its weekly fuel watch data suggesting that NSW had reached the bottom of its 74-day long record run and that prices would likely increase by a few cents per litre. That said, the NRMA is predicting the cost of regular unleaded to peak at just 117 cents per litre.
So, while the end is in sight for $1 per litre regular unleaded (E10) the price rises would only be modest in the short-term.
What’s fuel cost in your neighbourhood, and would you drive out of your way to fill up with cheaper fuel?