Drivers are finally feeling petrol price relief.
Drivers are finally feeling petrol price relief.

WALLET RELIEF: Petrol prices plummet across Fraser Coast

PETROL prices have plummeted across the Fraser Coast, with drivers feeling relief in the hip pockets for the first time in a long time.

At the end of February the average ULP price in Maryborough was 133.0cpl and in Hervey Bay it was 137.9cpl.

The latest average unleaded price in Maryborough is 117.6cpl and Hervey Bay is 122.8cpl.

A spokeswoman from RACQ said it was hard to predict how long the cheaper prices would last.

"It is very difficult to predict future oil price movements at the best of times," she said,

" While many analysts believe the oil price will stay low for the next six months, these are unprecedented times and we can't predict where oil prices will go."

The spokeswoman said the drop was due to a number of factors.

"At the moment there are two things having a major impact on the price of global oil, coronavirus and a price war between Saudi Arabia and Russia," she said.

"Due to travel bans implemented because of coronavirus, planes aren't flying as much and people are using their cars less, which has drastically changed demand.

Oil prices plunged by more than 20 per cent in early March amid concerns that the coronavirus outbreak will see demand for energy falling as people cut back on travel.

"At the same time, Saudi Arabia is flooding the market with cheap oil and now the price of global oil is at a 18-year-low."

It's possible prices could plummet to lows not seen in years, with some petrol stations in Australia falling under a dollar a litre.