What the end to the fuel excise cut means for CQ drivers

September 28, 2022 8:28 am in by

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From midnight the Federal Government’s cut to the fuel excise will end, adding 25.3 cents per litre (cpl) to the wholesale price of unleaded and diesel.

RACQ spokesperson Nicky Haydon says a recent drop in global oil prices could buffer some of the excise increase for regional Queensland.

“We shouldn’t see prices hike dramatically overnight and there are several reasons behind that,” Ms Haydon says.

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“Fuel companies have already purchased the stock they have in the ground at the discounted excise, so they need to use that fuel first before purchasing new stock at the higher price.

“Global oil prices have also fallen significantly from where they were in June and they are continuing to fall, so that should lead to lower wholesale prices in the next week.

“Right now, average prices for regular unleaded across most of regional Queensland are sitting just under 160cpl so we shouldn’t see a return to those record prices that were well above $2.”

The average cost of unleaded in Central Queensland is sitting at 159cpl.

Diesel prices are much higher, closer to the $2 mark and Ms Haydon says the figure is expected to grow.

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“Going forward, the cost of a 50-litre tank of either unleaded or diesel will increase by around $12.60, but the falling global oil price could mitigate that,” she says.

Meantime, Geoff Trotter from Fueltrac is urging locals to top up as soon as possible.

“At least for the first fill you might be able to save yourself at least 25 cents a litre. If you can fill up your vehicles prior to Thursday morning,” he says.

Image: Supplied