Petrol prices jump on the Gold Coast: RACQ

The State’s peak motoring body has warned drivers would be punished by obscenely high fuel prices, as Gold Coast motorists were slapped with prices not seen in nearly four years.

Fuel Pump

RACQ spokesperson Renee Smith said more than 60 percent of Gold Coast service stations had hiked the price of unleaded petrol (ULP) to 159.9 cents per litre (cpl). A further 12 percent had hiked to 161.9cpl, which, if the trend continued, could result in the highest prices since July 2014.

“Many Gold Coast servos have jacked up their prices, and although a sharp increase is a part of the south east Queensland petrol price cycle, there’s no reason for them to be charging this much,” Ms Smith said.

“There are inflated margins right across the supply chain, refiner margins are about 4cpl higher than we’d like to see.

“At a local level, it’s outrageous to think at 161.9cpl retailers are taking indicative retail margins of 25cpl.”

Ms Smith said a rise in the global price of oil had impacted Queensland petrol prices, but not by this much.

“A number of factors, including the United States’ decision to pull out of the Iran nuclear deal and tensions in the Middle East, have caused the global oil price to jump in recent weeks,” she said.

“The increase in the oil price is not enough though for fuel companies to hit motorists with prices such as 161.9cpl.”

Ms Smith said the current Gold Coast average was 151.5cpl and drivers who spotted cheap prices should fill up today.

“About one quarter of Gold Coast retailers are still charging at or below the cheap price of 140cpl so, if you see this price, make sure you fill up today – we just don’t know when we’ll see prices this low again.”