Queensland motorists have been warned to brace for yet another petrol price hike, with prices above the painful $2.20 per litre mark expected to stick around until Christmas.

Drivers have been told there could be just days left to fill up at some of the cheapest prices the state has seen in months, as the city-wide average across greater Brisbane currently sits at $1.87 per litre for Unleaded 91.

Compare the Market’s Chris Ford said prices could jump more than 30 cents a litre if the fuel price cycles in other capital cities were an indication.

“The RBA has just lifted interest rates for a 13th time, we’re seeing prices rise across the board and Christmas is just around the corner – being stung at the bowser is the last thing that struggling households need right now,” Mr Ford said.

“However, there’s a golden opportunity for drivers to fill up for less before prices continue to increase.”

Greater Brisbane residents in September were hit with some of the highest fuel prices in the nation, however experts are warning that prices above the $2.20 per litre mark could become the new norm.

More than 77 retailers across Brisbane had already increased prices to $2.25 a litre, with bayside suburbs being hit the hardest and the southside scoring the cheaper deals.

“Unfortunately, it’s taking longer for prices to drop after a fuel pricing cycle, meaning we could see these high prices stick around in the lead up to the school holidays and the Christmas break,” Mr Ford said.

According to Compare the Market, there was a 32-cent difference between the cheapest and most expensive price for Unleaded 91 and residents could save an instant $16 on a 50-litre tank by filling up at the cheapest location.

At present, Jio Energy Underwood and BP Underwood were the cheapest at $172.9 and $173.5 per litre, while 7-eleven Redland Bay has already seen a price hike at $225.9 per litre.

Mr Ford said the increase in prices was another hard hit for Queenslanders who were already doing it tough and he encouraged people to nab deals on fuel wherever they could.

“We know that major supermarkets, roadside assistance programs and other initiatives offer discounts on fuel … check the back of your shopping receipts, redeem coupons available through reward programs or see if you can lock in low fuel prices through other apps,” he said.

Extracted in full from: https://www.thechronicle.com.au/news/queensland/queensland-motorists-to-be-smashed-by-petrol-price-hike-in-coming-days/news-story/27d2d85cb2e77eecfb6b31f838a1cbfe

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