Global tensions could increase bowser price

RACQ has warned drivers continued international tensions could cause an increase in the global oil price which would lead to more pain at the bowser.

Club spokesperson Paul Turner said the recent oil tanker explosions in the Persian Gulf caused a small increase in the price of oil.

“Global oil prices are unpredictable, and this incident adds upward pressure to the price,” Mr Turner said.

“The OPEC production cut, political unrest in Venezuela and Libya, the US sanctions on Iran and political unrest in the Middle East are all pushing up the price of oil.

“On the other side, there are some factors placing downward pressure on the oil price including the weakening US economy, the trade war between China and the US and the threat to the global economy due to US tariffs.

“Currently we’re enjoying quite low global oil prices, but Australian fuel companies are unnecessarily pushing up retail prices to near records to slug drivers.”

Mr Turner said locally some greedy fuel companies had hiked prices in Brisbane and enjoyed the highest indicative retail margins ever seen.

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“We’ve seen some outrageous profiteering by fuel companies with retail margins up to 40 cents per litre (cpl),” he said.

“There is still plenty of fuel around under 130cpl, and it’s critical motorists take advantage of these prices and head to the bowser before it’s all gone.

“Download our Fair Fuel Finder app for information on where the lowest prices are in your area and support those retailers doing the right thing by drivers.”