RACQ warns drivers to fill up before petrol prices soar
News
RACQ research has revealed Brisbane drivers continue to pay more for unleaded fuel compared to motorists in other capital cities, as petrol prices get set to surge again across the city.
The Club’s March-quarter Fuel Price Report showed indicative retail margins on unleaded petrol in Brisbane remained well above the long-term average.
Principal Economic and Affordability Specialist Dr Ian Jeffreys said retail margins in Brisbane were almost triple those charged in Perth.
“For the March quarter, the indicative retail margin sat at 20.3 cents per litre (cpl) compared to Perth’s at 6.9cpl,” Dr Jeffreys said.
“We’re concerned margins have been increasing. For example, in late 2022 and the first half of 2023, the average indicative retail margin during the peak of the price hike was 36 cents per litre.
“But in the latest price cycles, retail margins are hitting close to 50cpl and come at a time when Queenslanders are already doing it tough with cost-of-living pressures.
“The market is not working in the best interests of motorists, compared to other parts of Australia, and something needs to change.
“RACQ is looking closely at this and how the market could be better regulated to encourage fair fuel prices for motorists.”
Motorists are urged to fill up the tank now with unleaded prices soaring to $2.35 per litre at more than 7% of service stations across the city.
“The good news is a third of sites are still charging $1.90 or less per litre for unleaded, so there’s no reason to be filling up at the more expensive price,” Dr Jeffreys said.
“Use fuel price monitoring apps like RACQ’s Fair Fuel Finder to locate the remaining cheaper stations and fill up at those locations before they hike their prices too.”
The high petrol prices are being caused by a combination of high oil prices, OPEC cutting production, the weak Australian dollar, and high retail margins.
RACQ’s March-quarter Fuel Price Report can be viewed here.
Principal Economic and Affordability Specialist Dr Ian Jeffreys said retail margins in Brisbane were almost triple those charged in Perth.
“For the March quarter, the indicative retail margin sat at 20.3 cents per litre (cpl) compared to Perth’s at 6.9cpl,” Dr Jeffreys said.
“We’re concerned margins have been increasing. For example, in late 2022 and the first half of 2023, the average indicative retail margin during the peak of the price hike was 36 cents per litre.
“But in the latest price cycles, retail margins are hitting close to 50cpl and come at a time when Queenslanders are already doing it tough with cost-of-living pressures.
“The market is not working in the best interests of motorists, compared to other parts of Australia, and something needs to change.
“RACQ is looking closely at this and how the market could be better regulated to encourage fair fuel prices for motorists.”
Motorists are urged to fill up the tank now with unleaded prices soaring to $2.35 per litre at more than 7% of service stations across the city.
“The good news is a third of sites are still charging $1.90 or less per litre for unleaded, so there’s no reason to be filling up at the more expensive price,” Dr Jeffreys said.
“Use fuel price monitoring apps like RACQ’s Fair Fuel Finder to locate the remaining cheaper stations and fill up at those locations before they hike their prices too.”
The high petrol prices are being caused by a combination of high oil prices, OPEC cutting production, the weak Australian dollar, and high retail margins.
RACQ’s March-quarter Fuel Price Report can be viewed here.