Fill up the tank now: Unleaded prices are rising
Queensland’s peak motoring body is urging drivers throughout south east Queensland to fill up the tank now, with a price hike underway across the region.
RACQ spokesperson Nicky Haydon said as at midday on Thursday, 15% of service stations had hiked the price of unleaded to 195 cents per litre (cpl).
“We are starting to see a price hike underway across Brisbane, Ipswich and the Gold Coast. While we don’t expect prices to climb above $2 a litre this cycle, we’re still likely to see prices jump by around 30 cents per litre,” Ms Haydon said.
“We’re coming off the back of an extended cheap phase which was lengthened by the falling global oil price. During the cheap phase retail prices are very close to the wholesale price so we’re now seeing fuel companies trying to recoup their margins.
“There is still plenty of cheap fuel around, almost 80% of service stations are selling unleaded for 167cpl or less but that figure will decline quickly so now is the time to fill up.
“Fill up before the weekend and aim to pay 162cpl or less, and make sure you’re doing your homework before you pull up to a service station because there’s now a huge disparity between the cheapest and most expensive sites.
“There’s no evidence of a price hike on the Sunshine Coast or in Toowoomba just yet but prices could go up anytime so we would urge drivers there to fill up soon as well.”
Ms Haydon said diesel prices were still unacceptably high.
“Diesel prices have been trending down very slowly but the average is still above two dollars throughout the south east when it really should be closer to 190cpl,” Ms Haydon said.
“These exceptionally high prices are despite a significant drop in wholesale prices for diesel. Fuel companies are using these falls to boost their margins instead of passing savings on to motorists."
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.