SKYROCKETING fuel prices could soon reach an all-time high in Brisbane, with some servos already jacking-up the cost for motorists.

Service stations in the inner-city were yesterday spotted selling unleaded petrol for an eye-watering $1.70 a litre.

According to the RACQ, the previous daily average fuel price for Brisbane was 15¢ shy of the prices being seen at some service stations around the city.

The last time Brisbane-residents were paying more than $1.65.5 per litre at the bowser was in the lead-up to the Global Financial Crisis (GFC), said price-monitoring agency FuelTRAC’s managing director Chris Cable.

“Prices like $1.70 per litre would be a record for Brisbane, probably in terms of price and the retail margin for fuel companies,” he said. “The last time we saw prices getting up this high was in 2014 and what happens when fuel gets more expensive is people catch public transport and alternative-fuelled vehicles become more attractive.”

Mr Cable said the fact some servos were already charging higher prices was a sign of things to come. “Brisbane is very uncompetitive in terms of the market,” Mr Cable said.

“Those service stations, they are the pace setters and there is always a pricing cycle. Someone has to be first to move. “It will come down again but if BP have gone up we can expect everyone to follow suit.”

RACQ spokeswoman Lucinda Ross said there were still plenty of places to pick up cheap fuel before prices begin to hike, with yesterday’s average price per litre sitting at $1.48.2 in Brisbane.

Extracted from Courier Mail