Queensland’s record fuel quarter
Motorists in Queensland have faced the most expensive quarter for fuel on record, with RACQ warning drivers to fill up now before prices rise again.
Media Release Fuel Price Report – June Quarter 2022
RACQ spokesperson Nicky Haydon said the Club’s latest quarterly fuel report showed Brisbane was the most expensive capital city to purchase ULP, and the second most expensive city for diesel in June 2022.
“The average ULP price for June was 205.9 cents per litre (cpl) which was 5.6cpl higher than the previous record reached in March 2022,” Ms Haydon said.
“However, we know many retail sites went as high as 224.9cpl and our cheap phase has not felt cheap at all.
“Our advice for motorists in south east Queensland is to fill the tank now because we don’t expect prices to dip much lower before hiking again. Today, a fair target price is 203cpl.”
In the Greater Brisbane region, the Bayside/Redlands area recorded the highest average ULP price of 209.7cpl, followed by the CBD/western suburbs (206.4cpl), Ipswich (205.9cpl) and Logan (205.3cpl).
ULP and diesel price records were also broken across regional Queensland in the June quarter. Mount Isa was the most expensive centre for ULP at 222.2cpl, while Hervey Bay and Roma were the cheapest centres with an average price of 195.2cpl.
When it comes to diesel, Longreach was the most expensive regional centre at 231.8cpl while Bundaberg was the cheapest at 215.8cpl.
The record highs observed in June were caused by high oil prices driven by the war in Ukraine and subsequent sanctions against Russia, rather than the behaviour of local fuel companies.
Indicative retail margins on ULP in Brisbane averaged 9.3cpl, which was lower than those observed prior to the excise cut, suggesting the 50% cut continues to be passed on.
Related topics
-
The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.