RACQ warns drivers to fill up before petrol prices soar
Principal Economic and Affordability Specialist Dr Ian Jeffreys said retail margins in Brisbane were almost triple those charged in Perth.
“For the March quarter, the indicative retail margin sat at 20.3 cents per litre (cpl) compared to Perth’s at 6.9cpl,” Dr Jeffreys said.
“We’re concerned margins have been increasing. For example, in late 2022 and the first half of 2023, the average indicative retail margin during the peak of the price hike was 36 cents per litre.
“But in the latest price cycles, retail margins are hitting close to 50cpl and come at a time when Queenslanders are already doing it tough with cost-of-living pressures.
“The market is not working in the best interests of motorists, compared to other parts of Australia, and something needs to change.
“RACQ is looking closely at this and how the market could be better regulated to encourage fair fuel prices for motorists.”
Motorists are urged to fill up the tank now with unleaded prices soaring to $2.35 per litre at more than 7% of service stations across the city.
“The good news is a third of sites are still charging $1.90 or less per litre for unleaded, so there’s no reason to be filling up at the more expensive price,” Dr Jeffreys said.
“Use fuel price monitoring apps like RACQ’s Fair Fuel Finder to locate the remaining cheaper stations and fill up at those locations before they hike their prices too.”
The high petrol prices are being caused by a combination of high oil prices, OPEC cutting production, the weak Australian dollar, and high retail margins.
RACQ’s March-quarter Fuel Price Report can be viewed here.
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.