Brisbane hits record high average fuel prices in June quarter
RACQ’s Principal Economic and Affordability Specialist Dr Ian Jeffreys said unleaded prices should not be as high as they are.
“While global oil prices increased in the June quarter, a quarterly average of more than $2 a litre is still unjustified,” Dr Jeffreys explained.
“International factors including the ongoing war in Ukraine, conflict in the Middle East and OPEC production restrictions continue to place upward pressure on oil prices and these account for much of the record high prices, but adding to this is unacceptably high retail margins.
“The average retail margin last quarter reached an all-time high of 23.9cpl – that’s almost triple what they are in Perth where average retail margins were 8.5cpl.
“This continuing trend of increasing retail margins is extremely concerning. At the peak of the price cycle last month, they climbed to 50cpl which is shocking when motorists are already combatting cost-of-living pressures.
“This is why we’re calling on the State Government to consider options to limit daily fuel price increases so that motorists can better manage their fuel costs.”
Average diesel prices dropped slightly in the June quarter to 199.9cpl, that’s 1.1cpl lower than the March quarter.
Currently, the South East Queensland market is in the cheap phase of the fuel price cycle so motorists should fill the tank now where they can find unleaded for 181cpl or less.
“As we look ahead to the next quarter, we do expect fuel prices to continue to trend upward, so use apps like RACQ’s Fair Fuel Finder to find the cheapest stations near you.”
The Club’s June-quarter Fuel Price Report can be viewed here.
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