Brisbane fuel hits record high of $2.24/litre

Brisbane motorists are being urged to fill up now as fuel prices are expected to reach a new record high of 224.9 cents per litre after the fuel excise was cut.

Brisbane motorists are being urged to fill up now as fuel prices reach a record high 224.9 cents per litre (cpl) despite the current government excise.

Compare the Market spokesman Chris Ford said the current average for Unleaded 91 in Brisbane is 188.9 cpl with prices tipped to “breach” $2.20 in the coming week.

“This is a new price record since the fuel excise was cut at the end of March. Without this tax reprieve, we would be paying 22 cents more on top of these already extraordinary prices,” he said.

Freedom Fuels Indooroopilly along with Coles Express Chapel Hill and Rocklea had all reached a record the record high 224.9 cpl on Wednesday.

This rising cost of fuel offers no reprieve for Brisbane households, who have already been impacted by several cost of living pressures including groceries and rent.

Mr Ford said the price surge coincided with China’s easing Covid restrictions, which is expected to “push up demand.”

“It’s an extremely volatile market and unfortunately supply isn’t keeping pace with global needs,” Mr Ford said.

“Oil prices reached a 13-week high on Wednesday – now some traders are warning prices could rise to $150 a barrel in the months ahead. While other fuel producing nations are increasing capacity, there are concerns it won’t be enough to cover the dearth left by Russia,” he said.

“It’s a big concern, as we know rising fuel prices impact the cost of other essential items.”

RACQ Principal Economic and Affordability Specialist Dr Ian Jeffreys said that the highest prices on the northside were around Kallangur, Redcliffe and Clontarff, while Rocklea, Daisy Hill and Springwood were priciest south of the river.

“We’re at the very beginning of the cycle now so over the next ten days we will see those prices go up, probably to a record high, and then slowly start to drop off over the following two or three weeks,” he said.

Dr Jeffreys said the expected price hike was being driven by international factors.

“We’re seeing a price increase all around the world, Australian fuel companies are only reacting to what is happening around the world,” he said.

“Sanctions are obviously having an impact on these prices, but also the Chinese economy is opening up again.”

“China has the biggest impact on diesel, they use a lot of it, so their industries kicking off again after covid lockdowns is introducing a lot of new demand.”

Dr Jeffreys speculated that if the fuel excise had not been cut earlier this year, prices would be much higher.

“We’d be looking at prices closer to $2.50, so that has certainly helped to keep prices low.”

“At the moment, $1.90 is pretty good and about the cheapest we will see for a few weeks at least.”

Mr Ford said it’s important for motorists to stay in tune with fuel cycles to make the most of cheaper prices while they can.

“Using fuel apps to sniff out the best deals can also help you save hundreds over the course of a year,” he said.

The previous record was set at $2.21 around March 8, 2022.

CHEAPEST BRISBANE FUEL (UNLEADED 91):

7-Eleven Graceville: 185.5 cpl

Puma Graceville: 185.9 cpl

7-Eleven The Gap: 186.5 cpl

Puma The Gap: 186.9 cpl

BP The Gap: 186.9 cpl

7-Eleven Ashgrove: 186.9 cpl

BP Express Ashgrove: 186.9 cpl

EG Woolworths Ampol Enoggera: 186.9 cpl

Puma Enoggera: 186.9 cpl

7-Eleven Newmarket: 186.9 cpl

UNLEADED 91 (AVERAGE)

Brisbane: 188.3 cpl

Sydney: 195.8 cpl

Melbourne: 214.2 cpl

Perth: 194.4 cpl

Adelaide: 202.4 cpl

Hobart: 201.7 cpl

Darwin: 202.2

Canberra: 199.1 cpl