Global oil prices reach new highs

RACQ has forecast a jump in the price of petrol across Queensland, after global oil prices reached two year highs.

The Australian Financial Review reported the world Brent crude oil price reached its highest level in more than two years on Monday night.

RACQ Principal Transport Economist Susan Furze said global oil demand was predicted to increase and this had prompted the price rise.

“The price of crude oil has been strengthening over the past few weeks, with a surge of more than 10 percent since the beginning of September,” Ms Furze said.

“This will translate into motorists paying an extra six cents per litre (cpl) at the bowser.”

Ms Furze said price fluctuations could take up to two weeks to flow onto service stations in the south east, and twice as long to flow onto regional centres.

“We’ve already started to see the effects of this price rise in our State. In the south east we have a peak price of more than 142cpl for unleaded petrol (ULP), 3cpl more than the peak price in August,” she said.

“In most regional centres we’re yet to see an increase, so the bad news is regional motorists need to prepare for higher prices in the coming month.”

Ms Furze said south east Queensland drivers should hold off on filling the tank and wait for prices to fall.

“We urge drivers in the south east to avoid buying ULP at this time – they could save themselves 20 to 30 cents per litre if they hold off for a few weeks,” she said.

“If you’re outside of the south east, we suggest you shop around and only buy from the cheapest service station in town – that way you’re supporting the servos charging the lowest prices, and can help drive others down.”

Ms Furze said motorists could visit RACQ’s Fair Fuel website to find the cheapest and most expensive service stations.