05/07/2012

Fuel retailers are reaping the benefits of plummeting international oil prices by pocketing the profits rather than passing on the savings to motorists.

RACQ’s latest monthly fuel report reveals the average retail margin for unleaded petrol increased almost 40 percent in June compared to the first quarter of 2012, with diesel margins increasing by a whopping 53 percent.

The peak independent motoring body’s Joe Fitzgerald said the massive increase in retail margins represented four-year highs in Brisbane and on the Gold and Sunshine coasts.

"Oil prices have been dropping for the past three months and should have been reflected at the bowser, but instead Queensland retailers are taking the opportunity to line their pockets," Mr Fitzgerald said.

"In contrast, motorists in Melbourne, Sydney, Adelaide and Perth benefitted from cheaper fuel prices – all paid less for ULP than Brisbane motorists in June."

Mr Fitzgerald said the average price of ULP in Brisbane in June was 142.5cpl, more than 12cpl more expensive than in Melbourne and almost 6cpl dearer than in Sydney.

"Queensland motorists are being ripped off, plain and simple," he said.

"Until the ACCC properly investigates Queensland fuel prices, motorists should shop around for the cheapest outlets and buy at the bottom of the price cycle when they can.

"Be sure to fill up when you see a servo offering low prices, because waiting until you’re on empty often means you’re forced to pay top dollar."

For more detailed ULP, diesel and LPG pricing information throughout Queensland and Australia, download RACQ’s monthly fuel report at www.racq.com/fuel. Information on where to buy the cheapest fuel in Queensland can also be found at this link.