Fuel price records smashed across Qld in 2022
Queensland motorists knew petrol prices were high last year and now the data confirms it.
RACQ’s Annual Fuel Price Report found average retail unleaded and diesel price records were broken in every location throughout Queensland, with Brisbane surging past its previous all-time high by a whopping 34 cents per litre (cpl) for regular unleaded.
The Club’s Principal Economic and Affordability Specialist, Dr Ian Jeffreys, said Brisbane earned the unenviable title of the most expensive of the five largest capital cities for both regular unleaded and diesel in 2022.
“At 184.9cpl, the annual average price of regular unleaded for Brisbane was the highest on record, exceeding the previous record set in 2021 by 34.1cpl. This is extraordinary because we usually only see records move by a couple of cents,” Dr Jeffreys said.
“Those driving a diesel car would also know how incredibly expensive it’s been with prices right across Queensland hitting new records. The highest was Longreach averaging an eye-watering 222.9cpl. The average price of diesel in Brisbane for 2022 was 209.2cpl.”
Dr Jeffreys said Bundaberg had the cheapest annual average price of 176.6cpl for regular unleaded, while Miles, in the Western Downs, was the cheapest for diesel averaging 203cpl.
As well as annual and daily records tumbling, 2022 will also be remembered for the temporary halving of the fuel excise, which helped ease the burden of record global oil prices.
“We saw an increase in oil prices following the Russian invasion of Ukraine and subsequent international sanctions against Russia,” Dr Jeffreys said.
“Without the excise cut, prices on the most expensive days in June would have been about 24cpl higher and the daily average in Brisbane may have spiked at about 246cpl for regular unleaded.
“Thankfully, global prices have eased since and while fuel markets are extremely volatile, the future is looking brighter.
“We expect oil prices and retail fuel prices to be slightly lower this year compared to 2022, so hopefully motorists will enjoy some relief at the bowser,” he said.
For a detailed breakdown of every Queensland region read RACQ’s Annual Fuel Price Report.
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.