Drivers across the South East are being urged to fill up the tank now as petrol prices hike by almost 60 cents per litre at some service stations across the region.
Fuel companies in Brisbane and on the Gold Coast in particular are currently hiking unleaded prices from a low of 160cpl to a high of 219.9cpl.
RACQ Head of Public Policy Dr Michael Kane said despite impacts from international conflicts and the local price cycle, retail margins are far too high compared to other parts of the country.
“We’re currently in the price hike phase of the fuel cycle and while we usually see prices jump, an almost 60 cent hike is unjustified and unfair,” Dr Kane said.
“We’re seeing a lot of blame for these higher prices fall on international factors, like the conflict in the Middle East and volatile global oil prices, but these haven’t led to a significant increase in wholesale fuel prices, so the massive spike at the bowser doesn’t add up.
“Fuel companies in the south east have a lot to answer for, with some retail margins as high as 52 cents a litre.
“Unleaded prices haven’t been this high in almost 12 months; taking into account all market factors, we would expect prices to spike at an absolute maximum of 207 or 209cpl.”
Dr Kane said drivers in Perth were not experiencing the same high prices, adding further evidence to calls for market regulation in Queensland.
“In Perth, regular unleaded petrol prices hiked for just one day in the last seven to a maximum of 207.4cpl and then came down again the next day,” Dr Kane said.
“That’s compared to the most expensive service stations in Brisbane hiking to 219.9cpl and they’ll remain at a high price for weeks.
“It’s very clear that the market in South East Queensland is not working in the best interests of motorists and this needs to change.
“Introducing market regulation would shorten and flatten the price cycle, giving drivers more opportunities to fill up at a cheaper price”.
One possible form of regulation proposed by RACQ is introducing a 5cpl daily price cap to stop fuel companies from hiking their prices by exorbitant amounts overnight.
The Queensland Government confirmed earlier this year that it was something they were considering, with further analysis currently underway.
Despite the price hike, cheaper fuel is still available at around 60% of service stations on the Gold Coast at the moment, however it’s not expected to last long.
“Motorists should fill up the tank now and aim to pay 170cpl or less for regular unleaded,” Dr Kane said.
“Do not go into the weekend with an empty tank, fill up now, and support the service stations that haven’t hiked their prices yet”.
