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Concerns Over Soaring Petrol Prices in South East Queensland
Australian motorists are facing alarming petrol price increases, with unleaded petrol costs soaring by up to 60 cents per litre at certain service stations across South East Queensland. As the ongoing Israel-Iran conflict injects volatility into global fuel markets, authorities are warning service stations against taking advantage of drivers during this tumultuous period.
Current Pricing Trends
According to the Royal Automobile Club of Queensland (RACQ), the price of unleaded petrol has risen from as low as 160 cents per litre to a staggering 219.9 cents per litre in Brisbane and on the Gold Coast. This surge marks the highest prices seen in the southeast region in nearly a year.
Dr Michael Kane, head of public policy at RACQ, highlights that fuel prices are currently in a typical price hike phase within the fuel cycle. However, the almost 60-cent increase is deemed “unjustified and unfair.” Despite international influences such as Middle Eastern tensions, he notes that wholesale prices have not significantly escalated, questioning the logic behind the dramatic retail price increases.
Furthermore, Dr Kane reported that local fuel companies are marking up their retail margins significantly, with some reaching as high as 52 cents per litre, raising concerns about potential exploitation of consumers.
Fuel Price Dynamics
The Australian Competition and Consumer Commission (ACCC) notes that local petrol prices are influenced by the international crude oil markets and the strength of the Australian dollar. Cities across Australia experience varying fuel price cycles; for instance, while petrol prices in Sydney, Melbourne, Adelaide, and Perth are declining, Brisbane’s prices are on the rise.
Treasurer Jim Chalmers has reached out to the ACCC, asking it to monitor the situation closely and ensure petrol stations are not opportunistically hiking prices beyond what is reasonable in response to global events. Chalmers explained that since June, global oil prices have surged over 25%, from approximately $62 per barrel to around $79, but have stabilised recently following news of ceasefire agreements.
Future Expectations
Despite concerns about rising prices, NRMA spokesperson Peter Khoury anticipates that any further increases will not be as drastic as some fear; he estimates an average increase of about 8 cents per litre. Meanwhile, RACQ encourages motorists to find cheaper options, noting that almost 50% of service stations in Brisbane and 60% on the Gold Coast are still offering petrol at reasonable rates. They advise drivers to fill up as soon as possible, ideally aiming to pay 170 cents per litre or less, and to fill their tanks before the weekend.
The message is clear: consumers should stay informed and fill their tanks before prices potentially rise further.
