Petrol prices hit the magic dollar mark
WITH petrol costing as little as one dollar a litre while people stay at home, is it time to coin a new phrase – ‘tank filled up and nowhere to go’?
Petrol prices at some bowsers in the Clarence Valley have dropped to just 99.9 cents a litre and it’s something Steve Powter hasn’t seen in a long time.
Mr Powter has been the owner of the Tucabia General Store for the last five years and he said they want to make sure low fuel prices were passed on to the community.
“We are not out to start price wars we are just a little shop trying to do right by the customers,” he said.
“A lot of people are pensioners retirees or unemployed and they don’t have a lot of money.
“If we were struggling with a family and we could get cheaper fuel it could make a difference and we look at it that way.
“We are just trying to do the right thing by the local community.”
Acccording to data obtained from the Australian Instutute of Petroleum, the last time drivers enjoyed fuel at this price was back in 2004.
The average price then stood at just 100.2 cents in NSW, the third most expensive state for fuel.
The national average was 98.2 cents.
Now, with the price of crude oil at plummeting due to coronavirus and a price war between Saudi Arabia and Russia, retail prices have been dropping steadily.
And while it may have been only a matter of time before the Clarence Valley got a taste of $1 a litre fuel, Mr Powter is surprised the price hadn’t dropped sooner.
The industry veteran said he couldn’t understand why some of the bigger players had not followed suit and dropped their prices in line with the price of crude.
“I have been in the fuel game since the early eighties and this fuel pricing should be way cheaper but it is not.”
“So hopefully it can stay down this low or even get even lower.”
And he certainly recognised the unique situation the community was now faced with – cheap fuel and travel restrictions.
“That’s the only thing – we drop it down when we can and then no one can drive,” he said.
“That’s the ironic part about it.”