The Royal Automobile Club of Queensland (RACQ) is warning motorists in South-East Queensland to fill up now, as fuel prices spike in the region.
Fuel companies in Brisbane and on the Gold Coast are currently hiking unleaded petrol prices from a low of 160 cents per litre to a high of 219.9 cents per litre.
The RACQ says cheaper fuel is still available at around 50 per cent of service stations in Brisbane and 60 per cent on the Gold Coast, though it’s advising customers to fill up now or pay the (greater) price.
“Do not go into the weekend with an empty tank, fill up now, and support the service stations that haven’t hiked their prices yet,” said RACQ public policy head Dr Michael Kane in a statement.
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“We’re currently in the price hike phase of the fuel cycle and while we usually see prices jump, an almost 60 cent hike is unjustified and unfair.
“We’re seeing a lot of blame for these higher prices fall on international factors, like the conflict in the Middle East and volatile global oil prices, but these haven’t led to a significant increase in wholesale fuel prices, so the massive spike at the bowser doesn’t add up.
“Fuel companies in the south east have a lot to answer for, with some retail margins as high as 52 cents a litre.
“Unleaded prices haven’t been this high in almost 12 months; taking into account all market factors, we would expect prices to spike at an absolute maximum of 207 or 209cpl.”
Dr Kane pointed to price fluctuations in Perth as an example of how unfair these price hikes in Queensland are.
“In Perth, regular unleaded petrol prices hiked for just one day in the last seven to a maximum of 207.4cpl and then came down again the next day,” he said.
“That’s compared to the most expensive service stations in Brisbane hiking to 219.9cpl and they’ll remain at a high price for weeks.
“It’s very clear that the market in South East Queensland is not working in the best interests of motorists and this needs to change.”
The RACQ is calling for the fuel market in Queensland to be regulated, which it argues would “shorten and flatten the price cycle”.
“Earlier this year, the Queensland Government confirmed they were considering RACQ’s proposals and we’re currently undertaking further analysis to help the Government in its deliberations,” said Dr Kane.
It’s pushing for a five cent per litre daily price cap, designed to stop fuel companies from hiking their prices significantly overnight.
This was something former Premier Steven Miles took to the recent Queensland state election, though his Labor party was ultimately unsuccessful in holding onto power.