The Royal Automobile Club of Queensland (RACQ) is urging motorists across South-East Queensland to fill up their tanks immediately, as unleaded petrol prices begin to spike dramatically throughout the region.
According to the RACQ, fuel companies in Brisbane and the Gold Coast are increasing prices from around 160 cents per litre to highs of 219.9 cents per litre. Although approximately half of Brisbane stations and 60 per cent of Gold Coast locations still offer lower prices, those deals may not last long.
“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 Dr Michael Kane, head of public policy at the RACQ.
Dr Kane stressed that the price surge marks the latest phase of the fuel pricing cycle. However, he described the nearly 60 cent jump as “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,” he said. “So the massive spike at the bowser doesn’t add up.”
He noted that some fuel retailers are profiting heavily, with retail margins reportedly as high as 52 cents per litre. According to the RACQ, unleaded prices haven’t been this high in almost a year, and even under the current market conditions, the group only expected a peak of 207 to 209 cents per litre at most.
Dr Kane compared the situation in Queensland to Perth, where prices spiked briefly before returning to normal.
“In Perth, regular unleaded petrol prices hiked for just one day in the last week to a maximum of 207.4 cents per litre, then dropped the next day,” he said. “In contrast, Brisbane’s most expensive service stations are hitting 219.9cpl and holding those high prices for weeks.”
He argued that the fuel market in South-East Queensland is not functioning in the interest of consumers and urgently requires reform.
To that end, the RACQ is calling for government regulation of the fuel market, with the goal of flattening and shortening pricing cycles. A key proposal includes a five-cent daily price cap to prevent drastic overnight increases.
“Earlier this year, the Queensland Government confirmed they were considering RACQ’s proposals, and we’re currently undertaking further analysis to support their deliberations,” Dr Kane said.
The proposed cap was previously included in the platform of former Premier Steven Miles in the recent state election. However, the Labor government was ultimately unsuccessful in retaining power.