Bargain fuel drying up fast as bowser prices spike
A warning from the RACQ that Sunshine Coast motorists are about to be taken for a ride at the bowser has largely has been spot-on but canny fuel buyers in a range of coastal pockets can fill up without draining their wallets dry.
Prices according to PetrolSpy Australia ranged from the highs of the Liberty Noosaville selling unleaded for 147.9 cents per litre to the lows like the Caltex Kawana Waters which had been at 101.9 for unleaded overnight, while Woolworths Caltex Caloundra was at 103.5 for unleaded and E10 was 101.5.
This was part of a cluster of southern Coast outlets which were either 103.5 or 103.9 cents per litre for unleaded.
RACQ spokeswoman Renee Smith said indicative retail margins had failed to fall below six cents per litre before rising again, something which has only happened a few times in the past decade.
“The benefit of the price cycle is motorists generally have the opportunity to benefit from really cheap prices, close to wholesale, before those prices shoot up,” Ms Smith said.
“During the last cycle, ULP prices at the cheapest sites fell to around 105 cents per litre, but with the average falling no lower than 112 cents per litre, technically we didn’t see a cheap phase which is incredibly rare.
“Prices should have fallen lower.”
Ms Smith said sites across the Sunshine Coast had also jacked prices up.
“With fewer Queenslanders on the roads in recent months and Victoria going into lockdown and fuel sales collapsing there, we’re concerned fuel companies are trying to make up for losses by pushing up prices here,” she said.
Ms Smith said latest high of 145.9 cents per litre for unleaded meant indicative retail margins were on track to be the second highest on record, at more than 41 cents per litre.
“Margins in excess of 40 cents per litre have only been observed in Brisbane once before, during the oil price collapse at the onset of the COVID-19 pandemic earlier this year,” she said.
“The good news for now is the majority of fuel companies are still charging 112 cents per litre or less, but it won’t last long.”
The PetrolSpy website list of 103.5 outlets included Rainbow Fuel Caloundra and Little Mountain while 103.9 unleaded fuel could be bought at 7-Eleven Meridan Plains, Puma Currimundi and a stack of other fuel stops in the area.
By comparison, the a 7-Eleven Wurtulla was selling unleaded for 145 cents per litre which was a common price throughout central coastal outlets.
But with still plenty of outlets around the 109.9 cents per litre mark.
Up at Noosa, which has traditionally offered higher prices, the average unleaded price was 119.9 cents per litre, with the Liberty Noosaville the dearest exception.