BRISBANE motorists are being hit harder at the bowser than those in any other capital city, according to the state’s peak motoring body.
RACQ’s October Fuel Price report revealed that residents of the River City have been forced to pay the most for fuel out of any Australian capital city, with an average price of 154.7c per litre for regular unleaded petrol.
The hefty price tag saw a price hike of 10.3c from the month prior.
Gold Coast residents were also hit with the price increase and paid 153c at the bowser – 12.6c more than September’s average price.
RACQ spokeswoman Renee Smith said the drastic increase in fuel prices was due to a shorter price cycle, which are usually about one month long.
“The last cycle was only about 23 days long, which meant we saw two peaks last month,” Ms Smith said.
“Both hikes were led by the major fuel companies, BP, Coles, Caltex and Woolworths,
who’re all too often the first to hike, and lift their prices to the highest levels.
“The good news for drivers was it took longer for retailers to jack up the costs, and prices fell back down quicker.
“We saw the small chains and independents holding lower prices for longer, meaning drivers had greater access to cheaper fuel.”
Ms Smith said the significant change in fuel cycles was likely due to increased competition — a result of the Queensland Government’s mandatory fuel price reporting scheme.
Advice to motorists looking to save a few extra cents is to do the research.
“We’ve never had so much technology available through price comparison apps like RACQ’s
Fair Fuel Finder, which allow us to find the cheapest retailers,” Ms Smith said.
“By motorists shunning the high-priced retailers, fuel companies will be forced to compete for business and lower their prices.”
Extracted from Daily Telegraph