The Australian Competition and Consumer Commission (ACCC) today released its Brisbane petrol market report . It showed the average profit at a Brisbane service station had increased from $435,000 to $648,000 between 2012 and 2016.
The ACCC said profits at Brisbane service stations were 55 percent above the national average, and today’s report revealed the dominance of major petrol retailers and a lack of independent service stations contributed to the rort.
RACQ spokesperson Renee Smith said motorists suffered under a lack of competition.
“We have fewer independents in Brisbane when compared to the likes of Sydney, and those we do have aren’t discounting as aggressively as over the border,” Ms Smith said.
“When compared to the major capital cities, Brisbane motorists were charged $50 million dollars more in the past year and a whopping $400 million more over eight years. It’s disgusting and we need the State Government to step in and stop this.
“While cheaper fuel is available in Brisbane, motorists aren’t often buying it. We need to make cheap fuel easier to find with the introduction of mandatory fuel price reporting.”
Ms Smith said RACQ planned to meet with the Queensland Government to demand fuel price transparency laws be enacted as soon as possible.
“At this point, one of the only ways to drive prices down is to introduce regulations that will force retailers to report petrol prices in real-time,” she said.
“Currently, petrol companies aren’t required to submit their prices, meaning they can go under the radar and not be held to account when they’re overcharging.
“New South Wales has a similar program called FuelCheck, and that’s resulted in a 2cpl drop in Sydney prices which, if multiplied across the State, saves motorists $111 million per year at the bowser. Having more accurate information allows motorists to buy the cheapest available fuel and drive competition.”