CHEAP PETROL: Fuel prices have plummeted in Maryborough.
CHEAP PETROL: Fuel prices have plummeted in Maryborough.

Where to buy the cheapest fuel on the Fraser Coast

FOR the first time in 15 years, fuel can be purchased for less than a dollar a litre on the Fraser Coast.

But it's Maryborough that is boasting the cheapest fuel prices in the region, with the average price for unleaded petrol in Hervey Bay at 115.8 cents a litre.

"Prices haven't been falling in Hervey Bay as fast as other centres nearby and we are calling on fuel companies to lower prices to pass savings on to motorists," RACQ spokeswoman Renee Smith said.

"We would like to see prices in Hervey Bay and Maryborough no higher than 95 cents per litre."

In Maryborough, several service stations had dropped as low as 93.8 cents per litre for fuel.

According to the RACQ, the average price in Maryborough was 99.7 cents per litre.

Prices were also down in Torbanlea, where the cost of fuel was 95.9 cents per litre.

Ms Smith said prices have been falling steadily in the region since March.

"In the last seven days the average price of ULP in Maryborough has fallen by 6.2cpl," she said.

"We expect prices in the region to continue to fall slowly as savings are passed on to motorists.

"In the last 24 hours, the North American crude oil price fell into negative territory for the first time in history, this could cause fuel prices in Queensland to fall even further if the Brent oil price continues to fall."

Ms Smith said prices had been falling because of a huge drop in the price of global oil, which has been impacted by a number of factors.

"Travel restrictions in place due to coronavirus impacted demand for oil and at the same time there has been a price war between Saudi Arabia and Russia which resulted in Saudi Arabia flooding the market with cheap fuel when demand was low."

With most petrol stations across Queensland experiencing plummeting petrol prices, some destinations haven't seen the same level of savings at the bowser. Of the centres that RACQ routinely monitors, Mount Isa is the most expensive at 147.9cpl.

Cairns is the most expensive coastal zone at 119.9cpl.

"We expect the price of global oil will remain low for the foreseeable future and we expect this will keep prices low for several weeks at the bowser," Ms Smith said.

"However the impacts on the global oil market are unprecedented and it's difficult to predict how long these cheap prices will last."