New fuel price record a near miss for Brisbane

Despite petrol stations gouging motorists with exorbitant retail margins this week, Brisbane drivers have narrowly escaped being charged a record-breaking average price for fuel.

Media Release

RACQ confirmed the average price of unleaded petrol peaked at 167.7 cents per litre (cpl) in the River City on Wednesday 2 October, the highest price recorded in 2019, but below the record Brisbane average of 169cpl.

Club spokesperson Lauren Ritchie said fuel companies unfairly pushed up prices during the latest hike, which followed the recent Saudi drone strikes, and took advantage of local motorists.

“These extremely high prices have been exaggerated under the guise of global uncertainty. It’s a move that’s been driven solely by greed and it’s disappointing drivers are the ones who’ve had to pay for it,” Ms Ritchie said.

“The Brent oil price remains more than AU$25 per barrel lower than it was when the all-time 169cpl record was set almost a year ago, but this time fuel companies are raking in total margins of more than 46 cents in every litre.

“More than 75 percent of retailers yesterday were selling for 168cpl or more, but the good news is some are already starting to discount, in line with what happens in the price cycle after the peak.”

Ms Ritchie said while it was fortunate no new record was set, the threat served as a stark reminder for drivers to always buy from the cheapest retailers.

“We all have control over who we choose to buy from and that always needs to be from those offering the best deals,” she said. 

“We’ve never had so much technology available to us through price comparison apps and websites that allow us narrow down the cheapest retailers. But it’s up to drivers to turn this knowledge into action every time they fill the tank. 

“Depriving the high-priced companies of business will force them to lower their prices and that’s where we want them to stay in the long run.”