It now costs about $110 to fill the car up across Brisbane, as a global oil shock forces prices to record highs.

Over a quarter of all fuel retailers in Brisbane are now selling petrol for $1.80 per litre, with the average across the city 168.2 cents. An average fuel tank of 60 litres would cost about $110 to fill at $1.80 a litre.

A turbocharged demand for oil and low supply is behind the spike as the global economy roars back to life following a slump in demand last year as the world largely shut down during the Covid pandemic.

FuelTrac general manager Geoff Trotter said with suppliers unable to keep up with demand there were risks prices could shoot higher.

Oil is now trading at about $US80 a barrel compared with $US40 a barrel in May 2020 when fuel across Brisbane cost about 148c a litre.

“If fuel continues to cost upwards of $US80 a barrel then we will undoubtedly see a continuation of the current situation with unleaded fuel,” he said.

On Wednesday Coles Express Newstead was selling premium unleaded for 206.9c per litre, while Caltex/Woolworths at Bowen Hills was selling its normal unleaded for 183.9c per litre.

RACQ spokeswoman Lauren Ritchie said cheap fuel is disappearing hour by hour in Brisbane.

“Twenty-five per cent of retailers have gone up to $1.80 or more; it’s likely other retailers will follow suit and also raise their prices,” she said.

Brisbane broke the previous fuel price record last month, coming in at $1.73 per litre.

University of Southern Queensland associate professor Peter Phillips said it would be up to three weeks before prices settled down.

“The standard pricing cycle kind of goes around supply and demand so prices usually peak every few weeks and then goes back down again depending on things like holidays and long weekends,” he said.

Prof Phillips said by looking at Brisbane’s fuel price chart the cycle was only now starting to rise.

Ms Ritchie said the soaring prices originated on the inner northside at Albion and Wilston.

“They’ve gone well and truly above $1.80,” she said.

Some analysts have speculated the price of oil could hit $US90 a barrel, particularly if demand for heating rises during the northern hemisphere winter.

Ms Ritchie advises motorists to use cheap-fuel-finder apps and fill up fuel immediately before the prices surge even more.

Extracted in full from: Brisbane petrol prices: Oil shock means fuel costs at record high | The Courier Mail