Experts are encouraging Queensland motorists to fuel up now as another massive petrol price hike looms off the back of the Russian invasion of Ukraine – and once it goes up, don’t expect it to drop below $2 a litre anytime soon.
Queensland motorists face paying more than $2 a litre for standard unleaded petrol for the foreseeable future as international oil prices continue to spike.
Industry experts believe prices will stay high – and could even fluctuate above $2 a litre for the rest of the year.
On Tuesday, some Brisbane service stations had already increased their unleaded fuel price to over $2.20 a litre.
It comes on the back of jump in brent crude oil prices and talk of the US and Europe banning Russian oil imports After Russian dictator Vladimir Putin’s brutal invasion of Ukraine, although Germany has since stepped back from that measure.
And the flow-on effects could also mean higher prices for food and other goods as transport companies pass on their operating costs.
RACQ’s principal policy Adviser and fuel expert Ian Jeffreys told The Courier-Mail that hip pockets are only going to hurt more at the bowser.
“The current average price of fuel per litre in the Greater Brisbane area is sitting at $1.79 per litre,” he said.
“Brisbane is at the bottom of the price cycle at the moment, so it is as cheap as it is going to get at the moment.
“Motorists should be buying fuel today or in the next couple of days, look to buy it for $1.80 or less. ”
Mr Jeffreys said there were several factors which contributed to the high fuel prices.
“It is all to do with the international price of oil, which has pushed prices up over the last two years,” he said.
“The war in Ukraine and the United States’ subsequent threat to impose economic sanctions on Russia are the two key drivers of oil prices currently.”
RACQ club spokesman Nicky Haydon said some fuel companies in Brisbane were charging $2.21.9 per litre for unleaded petrol.
“While that price is only being observed at a handful of sites in Brisbane, unfortunately we’re expecting more locations to follow suit in the coming days,” Ms Haydon said.
“Currently the expensive sites are mostly on Brisbane’s southside, around Rocklea and Alexandra Hills, as well as north of the city in and around Kallangur and Mango Hill.”
Extracted in full from: Brisbane petrol prices: Fuel companies already charging $2.20 a litre | The Courier Mail