Brisbane residents feeling the pain of high fuel prices are facing an Easter weekend of ongoing high prices, according to the state’s peak motoring body.
Petrol prices across the nation are at the highest point in the price cycle, according to comparethemarket.com.au’s latest quarterly market analysis, and the RACQ.
Comparethemarket.com.au said Brisbane recorded the second-highest fuel price for capital cities, averaging 135.7 cents per litre – a more than 10¢ decrease from the previous quarter.
Spokeswoman for comparethemarket.com.au Jenny Williams said motorists were advised to top up their cars until prices dropped toward the end of the week.Advertisement
“Our petrol price analysis reveals Aussies were paying, on average, 135.6cpl since mid-January – 13.9cpl lower than the December quarter,” she said.
“In most capital cities, excluding Canberra, Darwin and Hobart, petrol prices run on cycles of around seven days to 30 days.
“We advise motorists in most major cities to hold off filling up until closer to Easter where possible.”
However, RACQ head of public policy Rebecca Michael said while the market was in the most expensive phase of the cycle, it was expected prices wouldn’t drop too much.
“Brisbane drivers should avoid buying unleaded at this time but we realised that is impossible with many people planning to take road trips ahead of the long weekend, which is very frustrating,” Dr Michael said.
“The average unleaded price in Brisbane is likely to peak today at about 159cpl and it could stay that way for a few days yet so we’re not expecting any relief before Easter.”
Dr Michael said the unleaded price of 159 cents per litre was returning an indicative retail margin of 22.8 cents per litre, which she said was likely the highest indicative retail margin so far for 2019.
“The oil price has been steadily increasing for all of 2019 due to international factors which include the OPEC cut, US sanctions on Iran and Venezuela and conflict in Libya,” she said.
“If you’re heading away for the long weekend use the apps and website available like RACQ’s Fair Fuel Finder to locate the cheapest fuel in your area because there is still a handful of sites offering a better deal.
“Think about your destination and use the apps to find out if there’s cheaper fuel there or along the way and plan to fill up accordingly.”
Late last week Brisbane’s unleaded fuel prices were consistently around 159.9 cents per litre, with the cheapest price in the suburb of Mackenzie at 135.3 on Monday.
The Australian Institute of Petroleum’s weekly report on fuel prices showed nationally the average retail fuel price was 144.5 cents per litre, while in Brisbane the week’s high was 155.4 cents per litre.
Extracted from SMH