Fuel prices are expected to surge to levels not seen since before the COVID-19 pandemic hit Australia in March last year, with a leading economist already warning motorists to avoid filling up in certain Brisbane suburbs.
Some service stations in Brisbane’s inner north and western suburbs have hiked the price of unleaded to nearly $1.70 a litre and more could follow.
According to CommSec senior economist Ryan Felsman, the last time fuel was that pricey was in February 2020.
Mr Felsman said global fuel prices were surging as overseas economies started to see “a semblance of normality.”
Motorists were being urged to fill up now before the fuel price cycle sees petrol prices reach nearly $1.70 a litre.
“What’s causing this (spike) is the fact that global fuel prices are a lot higher than they were at the start of this year,” he said.
Mr Felsman said prices had already spiked in some suburbs, particularly in the inner north and west.
“We’re seeing $1.70 already at places like Eagle Farm, Hamilton, Newstead, the Valley and then the inner western suburbs around Auchenflower, Toowong and around Milton,” he said.
The senior economist warned most service stations around southeast Queensland would follow suit over the weekend and into next week.
Mr Felsman said the last time prices averaged 165.9 cents was on February 14 2020, before the pandemic sent fuel prices plummeting to levels not seen since the mid-2000s.
The RACQ however said fuel was still widely available at $1.31 and urged motorists to fill up before the increase.
“Concerningly the cheap phase of the cycle may be very short lived in Brisbane, with Coles Express leading the price hike to an eye-watering 169.9cpl,” RACQ spokeswoman Lauren Ritchie said.
“More than three quarters of the Brisbane market is selling (regular unleaded) for 131 cents per litre or less, so find one of these servos and fill up now,” Ms Ritchie said.
Despite the sudden jump in prices associated with Brisbane’s 21-day fuel cycle, Ms Ritchie said global fuel prices were forecast to fall in coming weeks, which would hopefully flow on to southeast Queensland residents.
Extracted in full from: https://www.couriermail.com.au/news/queensland/brisbane-unleaded-fuel-set-to-skyrocket-to-nearly-170-a-litre/news-story/271e930843a3738b014b12f3783cc121
