Petrol giants have been slammed for using the global oil market crisis as an excuse to hike up fuel prices.

The Royal Automobile Club of Queensland (RACQ) claimed several fuel companies were ripping off drivers including five Caltex stations which are charging a whopping $177.9c per litre.

‘There’s no good reason for the hike this time around. It’s one that’s clearly being driven by greed and they’re using global uncertainty as an excuse,’ RACQ spokesperson Renee Smith said.

A RACQ spokesperson said the fuel companies were being ‘driven by greed’ by rising the petrol prices (file image)

The jump in fuel prices comes after the world’s largest oil plant in Saudi Arabia suffered attacks from drones earlier this month.ADVERTISING

Ms Smith said the petrol prices were expected to rise but nowhere near to the extent in which they had.

‘This move demonstrates the volatility of the fuel market and proves why everyone needs to be buying from those offering the best deals,’ she said.  

‘They were warned we’d be watching and we were, and now we’re holding them accountable.’

The RACQ said the prices would in turn give the companies an excess margin of 60c per litre.

The spokesperson said there was still some cheap fuel on offer in Brisbane, urging drivers to check petrol apps so they don’t end up getting ripped off.

‘If you need to buy, aim for those servos selling unleaded for 140cpl or less. You can locate them by using apps and websites like RACQ’s Fair Fuel Finder,’ she said. 

A rise in wholesale petrol prices means drivers could be feeling the pinch at the bowser as school holidays begin in Queensland this week. 

Melburnians have also been warned to leave the car at home, with prices averaging $1.64 a litre today.

The latest report from the Australian Institute of Petroleum shows wholesale unleaded prices climbed 4.6 cents last week.

NRMA’s Peter Khoury said this meant retail prices could go up as soon as Friday.

Mr Khoury said even before the attacks on two Saudi Arabian oil processing plants earlier this month, petrol prices were set to rise.

He blamed that on the United States’ escalating trade war with China, a weak Australian dollar and oil-producing nations cutting production to up prices.

‘Australia has no control over the factors that cause prices to go up,’ Mr Khoury said.

‘We are highly exposed to the volatility of world oil prices.’

CommSec said with repairs to the Saudi Arabian oilfields set to take months and increased geopolitical tensions, global oil prices were set to rise further.

The national average retail petrol price rose 0.6 cents last week, a four-month high of 144.2 cents a litre, according to analysts. 

Melbourne copped the highest rise in unleaded prices last week, climbing by 15.2 cents a litre.

Brisbane saw the biggest drop in retail petrol prices last week, by 13.7 cents a litre, with prices the second-lowest in the country.

Hobart saw the smallest increase, with 0.1 cents, but the Apple Isle’s capital still had the highest average price out of all the other capital cities, at 151.5 cents a litre last week.

The lowest average petrol prices last week were found in Adelaide at 134.5 cents a litre, but this was short lived as the prices hit 157.5 cents a litre on Monday.

‘Fuel prices in Brisbane are beginning to increase as part of the normal fuel pricing cycle,’ a spokesperson for Caltex told Daily Mail Australia.

‘Prices are resetting to a higher point given significant input cost increases following recent impacts to oil production in the Middle East.’

Extracted from Daily Mail