Triple whammy puts fuel at all-time record high

Club spokesperson Renee Smith said unleaded petrol was selling for more than 170cpl at more than 80 percent of service stations across Brisbane and the Gold Coast.

“That’s pushed the daily average price to 173.5cpl in Brisbane and 173.3cpl on the Gold Coast exceeding the previous all-time record highs from December 2019,” Ms Smith said.

“It’s caused by a triple whammy. We’re at the high point in the fuel cycle in SEQ, oil prices (in Australian dollars) are at a two year high and retailers have retained unreasonably high retail margins.

“During the pandemic servos had high indicative retail margins because so many people weren’t driving so fuel sales volumes were low – but now sales are back to normal the fact they’re still charging these exorbitant prices is frankly unfair.” 

Ms Smith said the unwelcomed new record came as RACQ released its Monthly Fuel Report for June which showed the average unleaded prices were 4.1cpl higher than in May.

“A monthly average of 150.3cpl was also a 32-month record high, with Brisbane the most expensive capital city for fuel in the country in June,” she said.

“It’s times like these that price comparison apps are so valuable. Drivers should jump on to their apps like RACQ Fair Fuel Finder to find a cheaper deal during expensive phases.

“Even if it is only a few cents cheaper it’s worth it - because it encourages those competitive retailers to keep their prices down. 

“If you’re unable to find a better deal in your area then top for now to get you through until prices the next cheap phase, which could take up to three weeks.”