With crude oil prices plunging to their lowest levels in 11 years back in December, the hard-pressed grey nomad is finally getting a little bit of relief at the bowser.
The wholesale price for petrol has plunged below $1 in recent weeks to the lowest level in seven years, according to Commsec. However, the Gold Coast Bulletin reports that not all retailers have been passing on the higher margins and many regional cities and towns are still well above $1 a litre.
According to the Motormouth fuel price monitoring website, visitors to Mt Isa would currently be paying $1.21.5 for unleaded, and $1,23.6 for diesel.
The recent price falls follow a report from the Australian Consumer and Competition Commission, which demanded to know why retail margins were staying high.
In its quarterly Australian petroleum industry report, the ACCC said that while prices for the past three months were lower than previous quarters, they could have been lower, given crude oil prices.
In some parts of the country, petrol prices dropped well below $1.00, as competition pushed retailers to slash margins.
According to data from the Australian Institute of Petroleum, the average national price of diesel has also fallen … from $1.26 12 weeks ago to $1.13 at the end last week..
But the RACQ warns that when the price cycle turns, it might do so dramatically and could go up by 20¢ to 30¢ a litre overnight.
RACQ spokeswoman Renee Smith is advising motorists to fill up now, as low pricing won’t last.
“It never does,’’ she told the Gold Coast Bulletin.
