SEQ: Fuel prices soar to record highs
News
Drivers are being warned to avoid the bowser as fuel price records are smashed across south east Queensland.
The cost of regular unleaded petrol (ULP) has peaked at an average of 191.4 cents per litre (cpl) in Brisbane and 190.8cpl on the Gold Coast.
Record highs have also been observed in Ipswich and on the Sunshine Coast, but prices there are still climbing and are expected to peak in the coming days.
RACQ spokesperson Kate Leonard-Jones said 70 percent of fuel companies across Greater Brisbane are charging 190cpl or more for ULP.
“Unfortunately for drivers, international supply and demand issues as well as ongoing geo-political tensions have led to surging oil prices,” Ms Leonard-Jones said.
“When combined with the south east’s regular price cycle, this has created the perfect storm of factors and resulted in these eyewatering bowser prices.”
Ms Leonard-Jones said there was some short-term reprieve in sight.
“Now that prices have peaked, we will start to see the cost of fuel slowly fall by one or two cents each day as markets enter the discounting phase of the cycle,” she said.
“If you do need fuel, make sure you’re only topping up with the bare minimum for now, as we will see prices ease over the coming weeks.
“The bad news is oil prices are extremely volatile, so if we see a continuation or worsening of those global factors, this will eventually flow on to what drivers are charged at the bowser and in the next price hike, we could see the cost of petrol soar even higher.
“That’s why it’s more important than ever to make sure you’re doing your research by using apps like RACQ’s Fair Fuel Finder to track down the best deals.”
Record highs have also been observed in Ipswich and on the Sunshine Coast, but prices there are still climbing and are expected to peak in the coming days.
RACQ spokesperson Kate Leonard-Jones said 70 percent of fuel companies across Greater Brisbane are charging 190cpl or more for ULP.
“Unfortunately for drivers, international supply and demand issues as well as ongoing geo-political tensions have led to surging oil prices,” Ms Leonard-Jones said.
“When combined with the south east’s regular price cycle, this has created the perfect storm of factors and resulted in these eyewatering bowser prices.”
Ms Leonard-Jones said there was some short-term reprieve in sight.
“Now that prices have peaked, we will start to see the cost of fuel slowly fall by one or two cents each day as markets enter the discounting phase of the cycle,” she said.
“If you do need fuel, make sure you’re only topping up with the bare minimum for now, as we will see prices ease over the coming weeks.
“The bad news is oil prices are extremely volatile, so if we see a continuation or worsening of those global factors, this will eventually flow on to what drivers are charged at the bowser and in the next price hike, we could see the cost of petrol soar even higher.
“That’s why it’s more important than ever to make sure you’re doing your research by using apps like RACQ’s Fair Fuel Finder to track down the best deals.”
|
Location |
New record average ULP price |
Previous record average ULP price |
|
Brisbane |
191.4cpl (15/02/22) |
186.3cpl (24/11/21) |
|
Gold Coast |
190.8cpl (13-14/02/22) |
187.2cpl (23/11/21) |
|
Sunshine Coast |
185cpl* (15/02/22) |
176.8cpl (19/10/21) |
|
Ipswich |
188.3cpl* (15/02/22) |
182.4cpl (24/11/21) |
*Prices are likely to creep higher in the coming days.