Cheap fuel for drivers to welcome in the new year

LOWER fuel prices providing relief to motorists at the bowser could continue into the new year.

Ipswich drivers benefited from low fuel prices to close out 2018.

The RACQ says motorists in the region should be paying no more than $1.117 for fuel.

The sliding prices come after record fuel prices of close to $1.70 in September.

Ipswich drivers could be in for more good news in 2019, with an increase in oil supply from the Organisation of Petroleum Exporting Countries.

The increase means more oil is on the market, driving prices down.

It has led American Bank JP Morgan to revise down its outlook on crude oil prices.

An increase in barrel supply will occur in the second half of 2019 and will eventually pressure prices even lower in 2020, to an average US$64 in that year, the bank analyst believes.

In 2018, Queensland motorists were able to access real-time price data monitoring.

Fuel retailers must report their prices to an online portal within 30 minutes of a price change at the pump.

The monitoring trial will continue for two years.