Record high fuel prices show market is failing drivers

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Drivers across south east Queensland paid a record high average price for unleaded fuel in 2024, prompting renewed calls for government intervention to regulate the failing market.

fuel pump

RACQ’s Annual Fuel Price Report found on average Brisbane motorists paid 194.5 cents per litre (cpl) for regular unleaded last year, exceeding the 2023 record by 1.4cpl.

The report also revealed Brisbane was once again the nation’s most expensive capital city to fill up, with motorists in Perth paying 13cpl less on average for unleaded.

RACQ Economist and Affordability Specialist Dr Ian Jeffreys said prices were unrelentingly and consistently high and without regulation, this trend will only continue.

“The increased average price reflected an increase in retail margins and provided further evidence of a failing market and the need for regulation,” Dr Jeffreys explained.

“Last year average indicative retail margins for regular unleaded in Brisbane were 21.4cpl, 4cpl higher than 2023 and more than 7cpl higher than 2022.

“We’re calling on the new government to re-consider RACQ’s proposal to impose a five-cent daily cap on fuel price increases across the state to bring an end to dramatic and unjustified price hikes.”

Dr Jeffreys said the report also revealed the significant price differences between neighbouring suburbs, proving how important it is for motorists to shop around.

“Moorooka was one of the cheapest suburbs to fill up, costing drivers an average of 184.1cpl but the neighbouring suburb of Salisbury was one of the most expensive, with drivers there paying 19 cents more on average a litre,” Dr Jeffreys said.

“This is why it’s so important to use price comparison apps like RACQ’s Fuel app to support the cheapest service stations in your area, often it is worth venturing into the next suburb to fill the tank.”

 

There was some relief for diesel drivers in 2024, the annual average was 10 cents lower than the previous year, at 193.6cpl.

Throughout regional Queensland prices remained high, but records weren’t broken in the majority of regional centres.

Dalby was the cheapest regional town to fill up with unleaded, at 175.6cpl, followed by Gladstone and Bundaberg.

Longreach and Mount Isa were consistently the most expensive, at 214.9cpl and 209.1cpl.

Dr Jeffreys predicts fuel prices should ease slightly this year, with the forecast for lower global oil prices.

For more information read RACQ’s 2024 Annual Fuel Price Report here.

Table 1. Record high average ULP prices in south east Queensland

City

2024 Annual Average Price

2023 Annual Average Price

Brisbane

194.5cpl

193.1cpl

Ipswich

192.6cpl

191.8cpl

Gold Coast

190.9cpl

189.7cpl

Sunshine Coast

189.8cpl

188.5cpl

Table 2. Cheapest and most expensive suburbs in south east Queensland

Brisbane

Top five cheapest suburbs - ULP

 

Top five most expensive suburbs - ULP

Site

Average ULP Price (cpl)

 

Site

Average ULP Price (cpl)

Kuraby

176

 

Milton

205.7

Deagon

178.5

 

Mount Ommaney

204.7

Zillmere

183.7

 

Jindalee

204.2

Bracken Ridge

184

 

Salisbury

203.3

Moorooka

184.1

 

Toowong

203.1

Gold Coast

Top five cheapest suburbs - ULP

 

Top five most expensive suburbs - ULP

Site

Average ULP Price (cpl)

 

Site

Average ULP Price (cpl)

Molendinar

173.6

 

Coombabah

203.3

Jacobs Well

179.5

 

Runaway Bay

203

Arundel

180.5

 

Tugun

201.5

Ashmore

181.3

 

Stapylton

200.8

Australia Fair

182.3

 

Alberton

199.9

Ipswich

Top five cheapest suburbs - ULP

 

Top five most expensive suburbs - ULP

Site

Average ULP Price (cpl)

 

Site

Average ULP Price (cpl)

Walloon

180.4

 

North Ipswich

209.5

Eastern Heights

183.7

 

Haigslea

208.5

Amberley

187.2

 

Brassall

203.5

Willowbank

187.5

 

Ipswich

202.5

Churchill

187.8

 

Blacksoil

202.5

Sunshine Coast

Top five cheapest suburbs - ULP

 

Top five most expensive suburbs - ULP

Site

Average ULP Price (cpl)

 

Site

Average ULP Price (cpl)

Palmview

177

 

Coochin Creek

204.9

Maleny

180.4

 

Noosa Heads

197.7

Mooloolah

182.3

 

Kenilworth

197.2

Tanawha

182.7

 

Noosaville

196.9

Chevallum

184

 

Tewantin

196.6

 

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