Coronavirus drives fuel prices down to 12-month low
Coronavirus has caused the price of crude oil to plummet, slashing the cost of fuel.
Amid the doom and gloom of the coronavirus crisis, there is a glimmer of good news for motorists. The virus has caused the price of crude oil to plummet, slashing prices at the bowser.
Melburnians haven’t seen prices as low as this since 2008 and motorists today are filling up for as little as 116.9 cents a litre or an average of 120.7 cents a litre and saving about $26 a tank from the February peak.
Motorists are getting cheap petrol in the wake of falling wholesale world oil prices which have slashed 43.5 cents a litre off the average price of petrol.
“This is the greatest fall we’ve seen ... the average price of fuel has dropped from 164.2 cents a litre on 13 February to 120.7 cents a litre today; that’s 43.5 cents a litre in 27 days,” says RACV senior vehicle engineer Nicholas Platt.
“Motorists are now saving $26.10 on filling up a 60-litre tank.”