Petrol prices across southeast Queensland have reached a three-year high.

RACQ, who warned of the possibility late last week and urged motorists to fill up quickly, report the highest prices were recorded in Ipswich and Brisbane where the averages hit $1.536 and $1.532 respectively.

Spokeswoman Renee Smith said while recent oil price hikes were the catalyst for increases at the bowser, retailers made it worse by upping their retail margins.

“We haven’t surpassed $1.50 per litre since October 2014 and it’s really going to hurt motorists wanting to fill the tank,” she said.

“Unfortunately we’re again seeing service stations doing their best to get as much as they can out of Queensland drivers who’re already stung with the highest transport costs in the country.”

But Australasian Convenience and Petroleum Marketers Association CEO Mark McKenzie defended petrol stations saying motorists weren’t the only ones doing it tough.

“Wages are at three-year high, rents are at a three-year high … our business costs are at a three-year high and those obviously flow through to the price of the fuel,” he said.

The current terminal gate price — that is what the petrol stations pay for the fuel — is $1.273.

“The point to say here is we don’t deny the petrol price cycle going up and down doesn’t create community angst but it’s typical of a competitive market and is certainly not unique to Australia or Brisbane,” Mr McKenzie said.

The consumer watchdog revealed last year Brisbane petrol stations enjoyed the highest profit margins in the country.

Mr McKenzie suggested that motorists who were “price sensitive” should watch the petrol cycle on the ACCC’s website and buy during the cheap phase.

SOUTHEAST QUEENSLAND AVERAGE UNLEADED PETROL PRICES
•IPSWICH — 153.6CPL
•BRISBANE — 153.2CPL
•MORETON BAY — 151.3CPL
•GOLD COAST — 141.4CPL
•SUNSHINE COAST — 138.9CPL.

Extracted from Courier Mail.

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