Fuel prices rebound in pandemic aftermath
RECORD-LOW fuel prices across Central Queensland appear to be nothing but a distant memory as oil demand rebounds in the aftermath of COVID-19.
According to RACQ’s Monthly Fuel Price report, motorists are once again paying more than $1 per litre for unleaded petrol as costs spike throughout the region.
It found average fuel prices in Rockhampton had increased by more than 14 cents per litre to sit at $115.5 cents per litre.
Meanwhile, Gladstone recorded an average spike of around 13 cents per litre to land at $110.4 cents per litre over the past month.
RACQ spokesman Renee Smith revealed the steady increase of oil prices across the state were to blame for increased prices through May and June.
“Oil prices were higher in June due to an increase in demand as Governments lifted COVID-19 travel restrictions,” she said.
However, oil, now at $US 40 per barrel, still remains substantially lower than the $US 60 per barrel experienced in January.
“It was good while it lasted but unfortunately the days of ULP for less than 100cpl are behind us for now,” Ms Smith said.
A significant drop in oil supply due to agreed production cuts by the Organisation of the Petroleum Exporting Countries and a reduction in US shale oil production were also noted.
“A change in the price of global oil can take up to six to eight weeks to flow on at the bowser in regional areas which is what we’re seeing at the moment.”
She further added expert advice had remained the same for Queensland residents when it came to combating rising fuel costs.
“Motorists underestimate how much power they have when it comes to keeping prices as low as possible, if they would only do a little bit of homework,” she said.
Ms Smith suggested cheap fuel finder apps as a possible solution, adding the support of cheaper fuel companies would encourage competition in local areas.