One of the only perks of the coronavirus crisis – cheap fuel – appears to have ended.
The RACQ says the days of record cheap prices are now behind us, with the cost of fuel across the south east now well and truly on the increase.
The monthly June report shows the average price on the Gold Coast is up by 14.1 cents to 117.4 cents a litre.
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Club spokesperson Renee Smith says the increase is due to recovering oil prices over May and June, despite still sitting at around $US 40 per barrel compared to $US 60 in January.
“It was good while it lasted but unfortunately the days of ULP for less than 100cpl are behind us for now.
“Oil prices were higher in June due to an increase in demand as Governments lifted COVID-19 travel restrictions.
“At the same time, there was a substantial drop in oil supply due to the production cuts agreed to by the Organisation of the Petroleum Exporting Countries (OPEC) and their allies including Russia.
“There was also a dramatic reduction in US shale oil production,” Ms Smith said.
But we’re being told it’s not all bad news, with Ms Smith saying Gold Coast is still the cheapest area across the southeast to buy unleaded for the third consecutive month.
“The good news for Gold and Sunshine Coast drivers is it was cheaper to fill up at home than Brisbane, which had an average price of 122.1cpl.
“If you’re going on a road trip make sure you check whether it’s cheaper to fill up at home or when you reach your destination,” she said.
We’re also being warned to hold off filling up now if possible, with the south east still in the expensive phase of the unleaded price cycle.
The latest average prices for the Gold Coast were sitting at around 137.7cpl.