No relief in sight for pumped up petrol prices
Suellen Hinde - Queensland Editor |
There is no end in sight for soaring petrol prices, with Queenslanders being urged to fill up now before they go even higher.
Petrol prices have climbed above $2.00 right throughout Queensland from Rocklea in south Brisbane to Weipa on the western cape of Far North Queensland.
An RACQ report showed petrol prices were at their highest ever in February as the effect of Russia’s invasion of the Ukraine started to bite Australian consumers via spiralling global oil prices.
Overnight the United States and United Kingdom announced a ban on Russian oil imports which sent the oil price further still.
Brisbane had the most expensive petrol prices for both unleaded and diesel of five capital cities in Australia in February. Only Hobart and Darwin were more expensive than Brisbane for ULP, and Canberra, Darwin and Hobart for diesel.
Records have been broken in 24 regional centres during the first week of March.
“Fuel prices across regional Queensland have been gradually increasing since last year, but we’re now seeing records broken on a daily basis,” an RACQ spokeswoman said.
Mount Isa, at 188.4 cpl, was the most expensive regional centre to buy ULP, and Longreach had the most expensive diesel at 184.8 cpl.
“The average cost of ULP ranges from 165cpl in Bundaberg to 174cpl in Cairns and 187cpl in Mt Isa.”
Prices in Weipa on the West of Cape York hit $2.22 on Tuesday this week.
In 2014, the Federal Government reintroduced fuel excise indexation and mandated twice-yearly increases in line with CPI. As a result, on February 1 the excise charged on petrol and diesel increased from 43.3 cpl to 44.2 cpl – the largest increase since indexation was reintroduced.
RACQ is urging drivers to fill up the tank now as petrol prices at some sites hit a staggering new high.
Club spokesperson Nicky Haydon said some fuel companies in Brisbane are charging 221.9 cents per litre for regular unleaded petrol (ULP).
“While that price is only being observed at a handful of sites in Brisbane, unfortunately we’re expecting more locations to follow suit in the coming days,” Ms Haydon said.
“Currently the expensive sites are mostly on Brisbane’s southside, around Rocklea and Alexandra Hills, as well as north of the city in and around Kallangur and Mango Hill.
“Ipswich, the Gold and Sunshine Coasts are yet to see prices quite as high, but this could change at any time, so now is the time to fill up before cheaper fuel prices disappear.”
Ms Haydon said a range of global factors were to blame for the never-before-seen prices.
“The Russian invasion of Ukraine has led to a spike in oil prices in recent weeks, while ongoing international supply and demand issues, along with high Terminal Gate prices are also continuing to have an impact and flow onto prices at the bowser.
“Oil prices remain incredibly volatile so we’re closely monitoring the situation.
“Some regional centres are also trending towards 200cpl, but we shouldn’t see those prices hit for another week or so.”
Ms Haydon urged drivers to shop around.
“The majority of sites in Brisbane are still charging 180cpl or less for ULP – that’s why it’s so important to shop around and buy now,” she said.
“Filling up at the cheapest sites compared to the most expensive, can save you at least $20 based on a 50-litre tank.
“No matter where you live in Queensland, do your research and use apps like RACQ’s Fair Fuel Finder to track down the service stations near you with the best deals.”
