Brisbane named most expensive city to fuel up

RACQ has called out greedy fuel companies after a new report revealed Brisbane was the most expensive capital city to buy fuel during the March 2020 quarter.

The ACCC report found despite falls in global oil prices, petrol prices in Brisbane remained the highest of the five major capitals at 140.7cpl, 3.7cpl higher than the average of the other four largest capital cities.

RACQ spokesperson Renee Smith said it was incredibly frustrating fuel companies had taken advantage of low oil prices to bolster margins.

“It’s disappointing fuel companies have been up to their old tricks again and have been using low oil prices to benefit themselves rather than passing savings onto Brisbane motorists,” Ms Smith said.

“This highlights the need for the current mandatory reporting trial, which gives motorists access to real time fuel pricing data, to be made permanent to create greater transparency. It also highlights the need for drivers to stay vigilant, do their homework and only buy from the cheapest site.”

Ms Smith said unfortunately savings had not been passed on in some regional Queensland centres as well.

“The report highlighted that in towns like Cloncurry, Mount Isa, Emerald and Cunnamulla fuel prices stayed high despite the record low oil prices,” she said.

“Disappointingly for motorists, the reason for higher prices in these areas is a lack of competition.”

Ms Smith said as oil prices rose due to an increase in demand as Governments lifted COVID-19 travel restrictions, it was more important than ever for drivers to shop around.

“The fall in oil prices gave motorists a well needed break from the record high prices we saw in late 2019, but motorists can’t become complacent, because as we’ve seen fuel companies will use that to bolster margins,” she said.

“No matter where you live it’s crucial that you use the price comparison services available and only buy from the cheapest sites near you. By doing this you send a message to other retailers that they need to compete for your business. This is the only way to ensure we see lower fuel prices in the long run.”

Brisbane was currently in the expensive phase of the unleaded price cycle with the latest average 142.1cpl.