Frustration as record fuel prices likely for SEQ

The State’s peak motoring body has warned south east Queensland drivers should prepare for hip pocket pain in the coming days, as new data revealed the region was on track to reach a four-year fuel price high.

Fuel pump

RACQ spokesperson Lucinda Ross said about 10 percent of the Brisbane unleaded petrol (ULP) market had increased their prices to 162.9 cents per litre (cpl) and, if this trend continued, it would likely result in the highest average price for the River City since July 2014.

“Unfortunately, with the hike going the way it is and many servos upping their prices to 162.9cpl, we think we could soon see the highest average daily price we’ve had in more than four years,” Ms Ross said.

“And not surprisingly, we’ve again seen the major fuel companies, BP, Coles, Caltex and Woolworths, be the first to hike their prices to these outrageous levels.

“It’s frustrating drivers in Brisbane are being taken advantage of – they’re already paying more for fuel than motorists in most of the other large Australian capitals.”

Ms Ross said although global oil prices had increased in recent months, there was no justification for prices to be hiked to the levels that had been seen.

“At 162.9cpl, servos are taking retail margins of about 23cpl – while this is consistent with recent price hikes, fuel company margins in Brisbane are much higher than the other large capitals,” she said.

Ms Ross said while record prices were on the horizon, there was still plenty of cheap fuel available, so drivers should fill the tank today before they missed out.

“We’re urging motorists across the south east to get in and buy without delay,” she said.

“If you spot ULP for 142cpl or less, fill up the tank – we don’t know how long it’ll be before prices come back down again.”

Click here to read RACQ’s latest monthly fuel price report for Queensland.