Fuel prices plummet to lowest in a YEAR as crude oil prices drop and the coronavirus spreads
- Fuel prices across Australia have dropped to their lowest since February 2019
- In the wake of coronavirus there has been a huge drop in supply, experts say
- Motorists in New South Wales and Melbourne can fill up for just 119c per litre
Fuel prices have dropped to the lowest price in a year amid the coronavirus epidemic.
The virus has caused the wholesale price of fuel to plummet to its lowest across Australia since February last year with some starting at 117c per litre.
Drivers in Melbourne are expected to reap the most benefits with fuel prices at their lowest since October in 2018.
Australians can expect to fill up their cars for a lot less as fuel prices drop in the wake of coronavirus
The Royal Automobile Club of Victoria (RACV) have revealed that prices have fallen due to a downturn in manufacturing and global air travel in the wake of the deadly virus.
RACV Senior Vehicle Engineer Nicholas Platt said a drop in demand would mean drivers filling up for a lot less.
'This fall has led to an unlikely benefit for motorists with the average price of unleaded petrol in Melbourne currently selling for just over $1.27 per litre, the lowest price so far this year,' Mr Platt said.
'While these prices are low, RACV believes that there is still sufficient margin for retailers to maintain these prices and no reason for prices to suddenly sky rocket.
'This is the biggest fall in retail petrol prices in Melbourne since October 2018, and there could be more to come.'
Mr Platt said oil prices around the world fell by 14 per cent in last week alone.
He also added that China, the world's second largest oil refiner, has cut its output by 600,000 barrels a day.
In some Melbourne stations, drivers can fill up for around 120c per litre of fuel
'And Malaysian Tapis crude prices, the index most relevant to the Australian market has seen over $20 USD wiped off the price of a barrel since the beginning of January, leading to the lowest prices in over a year,' Mr Platt said.
'The best way for Victorian motorists to make sure they're getting the cheapest petrol prices is to use a comparison app or website, such as the RACV fuel finder and remember if prices are high top-up and wait for them to fall before filling up.'
Across Australia some prices are as low as 117c per litre.
At Payless Fuel in Sydenham, in Sydney's inner west are offering fuel for 117.8c per litre.
Woolworths Caltex in Marrickville has fuel prices starting from just 118.5c per litre.
The Shell South Melbourne in Victoria has fuel prices at 120.9c per litre.
The 7-11 Port Melbourne is allowing drivers to fill up for as little as 121.9c per litre.
In Adelaide there is fuel available for just 115.9c per litre.
Crude oil prices are at their lowest across Australia since February, 2019
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