November 10, 2021
RACQ has urged motorists to fill up the tank now, with fears petrol prices in south-east Queensland could hit eyewatering new highs in coming weeks.
The motoring body has warned the average price of unleaded petrol (ULP) could soon reach 190 cents per litre (cpl), cracking previous records set just three weeks ago.
RACQ spokesperson Renee Smith said while Greater Brisbane, Ipswich, Toowoomba and the Gold and Sunshine Coasts were currently in a cheap phase of the fuel cycle, prices would jump before the end of the month.
“The average cost of ULP in Brisbane is 161.3cpl, but we know as we enter the expensive phase of the cycle prices increase by about 30cpl,” Ms Smith said.
“We experienced a new record high average price of 178.8cpl in Brisbane in October in the last peak of the cycle.
“Global factors, like oil prices, supply and demand issues, and terminal gate prices are to blame. It is a volatile situation and while it is hard to predict what will happen next, trends are pointing toward a new record daily average.
“It’s most likely ULP will remain below 200cpl for the foreseeable future, however another strong increase in the oil price could lead to even higher average prices early next year.”
Ms Smith said now was the time for motorists to make the most of cheaper prices.
“Make sure you are using one of the many apps out there such as RACQ’s Fair Fuel Finder and aim to fill up at service stations charging 160cpl or less,” she said.
