One quarter of petrol stations in greater Brisbane have raised prices by 50 cents per litre this week, prompting the RACQ to urge the Queensland government to intervene. Motorists are now paying up to $2.29 per litre for unleaded petrol, with more retailers expected to follow suit.
RACQ principal policy advisor Ian Jeffreys said the increases are unjustified given falling global oil prices. The retail margin of 56 cents per litre above the average wholesale price is unacceptable, he stated, calling for a daily cap on price hikes ahead of the October election.
Jeffreys proposed limiting daily increases to five cents per litre, giving motorists confidence that cheap prices would remain accessible. He warned the fuel market is approaching failure amid cost-of-living pressures.
Treasurer Cameron Dick argued the state lacks legislative authority to regulate prices but said big oil companies should give Queenslanders a break. Jeffreys countered that the government already intervenes in other markets and has enabling legislation to support such a cap.
With petrol prices set to spike in major cities, Jeffreys advised Queenslanders to fill up quickly while cheaper fuel is still available.
