RACQ refers fuel companies to ACCC for price hike
Queensland’s peak motoring body has called out major fuel retailers for pumping up their prices less than three days after conflict broke out in the Middle East, referring them to the Australian Competition and Consumer Commission (ACCC) for investigation.
As at 9am yesterday (3 March) the highest price for regular unleaded in South East Queensland was 213.9 cents per litre (cpl). However, by 10am, around 40 sites had hiked their prices to 219.9cpl, and by 9am today a total of 259 sites (45%) followed.
RACQ’s Principal Economic and Affordability Specialist, Dr Ian Jeffreys, said major retailers led the jump in price which appeared to be unjustified, seemingly taking advantage of motorists.
“There is no good reason for fuel companies to be increasing their prices just days after conflict broke out in the region,” Dr Jeffreys said.
“Yes, we’ve seen an increase in the global oil price, but that usually takes around two weeks to flow through to bowsers here in Australia, not two days. While we’ve seen a steady uptick in wholesale prices over the past week, we’re yet to see any significant additional spike because of the conflict.
“South East Queensland is already at the expensive phase of the price cycle. Before this additional hike, many fuel stations were already charging more than 50cpl above the average wholesale price.
“When Russia invaded Ukraine, we didn’t see this kind of behaviour, the price cycle continued as normal and price rises were absorbed into the cycle.
“If anything, prices in SEQ should be falling right now and increases in wholesale price should be absorbed into the discounting phase, meaning our next cheap phase wouldn’t be as cheap. But instead, some fuel companies are further bolstering their retail margin at the expensive end of the cycle.
“This behaviour from fuel retailers is extremely disappointing at a time when Queenslanders are worrying about already high cost-of-living pressures.”
RACQ is calling on the watchdog to investigate fuel stations for any unconscionable conduct and for fuel companies to do the right thing and lower their prices.
“This is another reason why market regulation is important and we’re looking forward to working with the State Government to introduce measures that would stop unfair and unjustified price hikes,” Dr Jeffreys said.
“Now, more than ever, it’s important to fight back as a consumer by using price monitoring services to find the cheapest fuel near you and reward those stations with your business.”
RACQ’s Annual Fuel Price Report showed Brisbane motorists once again paid more for unleaded last year than drivers in any other Australian capital. Brisbane’s 2025 average for regular unleaded was 185.2cpl, nearly 11 cents more than Perth’s average (174.3cpl).
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