RACQ slams excessive price hike

RACQ has called out fuel companies price gouging after unleaded prices in south east Queensland started hiking well above what was expected.

Brisbane was in the hike phase of the petrol price cycle and in some locations regular unleaded (RULP) prices had jumped to 159.9 cents per litre (cpl).

RACQ spokesperson Paul Turner said the coronavirus had impacted the demand for fuel and the reductions in the global oil price should have resulted in much cheaper prices in Brisbane.

“The last time the Brent oil price was this low was in January 2016, at that time unleaded in Brisbane was selling for an average of 112cpl on the cheapest day and 132cpl on the most expensive day,” Mr Turner said.

“Right now, we’ve got more than 20 per cent of sites in Brisbane selling RULP for 159.9cpl, which when you consider that low Brent price, just isn’t fair.

“This hike while it does seem moderate compared to recent hikes where we saw some prices above 170cpl, is actually excessively high.”

However, Mr Turner said there was good news for drivers with plenty of sites yet to hike their prices and remained cheap.

“Drivers still have the opportunity to grab a bargain, with about 68 percent of the market still selling for under 120cpl, and some sites as low as 114.3cpl,” he said.

“We know these prices won’t last, so we’re urging drivers to shop around, using apps and websites like RACQ’s Fair Fuel finder to locate the best deals out there.”