Douglas Shire fuel prices expected to drop in coming weeks
FUEL PRICES
Fuel prices at bowsers in Douglas have risen between five and eight cents since December, but are likely to start dropping again soon, according to experts.
A majority of stations around the region had their unleaded petrol at 193.7 cents per litre, with diesel at 203.9.
The area’s cheapest fuel could be found (on Tuesday) at Mount Molloy – 186.9c for unleaded, and diesel below the $2 mark at 198.9c.
Principal economist with the RACQ, Dr Ian Jeffreys, told Newsport there are a number of factors contributing to the latest fuel hikes, including the ongoing conflict in Israel and US air strikes in the Middle East, which caused a spike in world oil prices at the end of January.
“On top of that, we have the ongoing war in Ukraine and we have OPEC cutting their production with the express aim to bolster prices,” Dr Jeffreys said.
“It’s now flowing through first of all to Singapore prices – the Singapore ‘Brent’ is the benchmark price for the whole of the Asia-Pacific region – and then flowing onto wholesale prices to our Queensland and Cairns wholesale price.”
The good news is however – fuel experts believe the prices have peaked and in fact, will start to fall again soon.
“What is hopeful, in the last week oil prices have dipped somewhat, so when that starts to flow through, that’s going to ease off on the terminal gate prices.
“It’s not going to be a dramatic drop but the terminal gate price drops off something like five to 10 cents.”
