That's a bizarre way of looking at the problem.
Sure, the fuel cost is a pretty trivial part of rocketry today, though it's more for high orbit. I believe LOX/Hydorgen fuel is about $10K/ton. That may be a NASA markup cost, I suspect it's rather cheaper for the Russians and Chinese, but still this stuff isn't like jet fuel - it's takes a considerable multiple of the energy of the fuel to make the fuel. It'll never be the sub-$1000/ton price of jet fuel.
You need about 60 tons of fuel to get 1 ton of payload into high orbit IIRC (if we're building anything interplanetary, you're paying that fuel cost one way or the other), so just the fuel costs alone (of lifting the "payload fuel") are about $600K/ton conservatively, but maybe half that cost on the cheap.
Current high orbit payload costs are about $18-36M/ton. SpaceX is shooting for 10% of that, and that certainly seems technically possible, but far into the land of diminishing returns. It seems quite fair to call $1M/ton "dirt cheap" (even if we somehow one day reach half that, it's not changing the game much).
So you're still looking at around $1B for each 1000 tons of fuel in high orbit.
ders of magnitude less expensive than the development of an asteroid mining colony.
Who said "colony"? Are a bunch of robots a "colony" now? Have we already "colonized" mars? The tech development from current vehicle automation and manufacturing automation to fully automated mining is of course non-trivial, but it's probably on the order of the several billion it would take to capture an asteroid and lift many tons of robots to high orbit, and there's certainly a market for fully automated mining here on Earth (and better autonomous vehicle programming, and better industrial automation in general).