‘Fuel companies will be planning for this’: Spike in petrol prices next month

Petrol costs have started decreasing ahead of the fuel excise returning next month. This is what experts predict will happen to prices in coming weeks. LIST OF SEQ’s CHEAPEST BOWSERS.

Petrol prices have started to decrease across most South East Queensland locations but experts say fuel companies will likely time a price hike when slapped with the full fuel excise again next month.

The federal government cut the national fuel excise in half during March to aid cost-of-living pressures on Australians, giving service stations a 23 cent discount on unleaded petrol for six months.

RACQ fuel expert Ian Jeffreys said now that SEQ had finally entered a new fuel cycle, petrol prices would keep falling fall towards the end of August, giving petrol companies the perfect window to plan a price hike before the excise returns in September.

Jeff Hutchison fills up Nick McGhee’s vehicle at Brian’s Automotive Station on the Gold Coast. Picture: Jerad Williams

“That super long price cycle finished about 10 days ago, with prices peaking over last weekend on Sunday and then since then we’ve seen average prices fall about 4 cents per litre from 195.5c down to 185.9c, ” Mr Jeffreys said.

“In the coming weeks, were likely to see prices continue to fall and come to the end of the month as the cycle will most likely return to the cheap phase of the cycle.

“Our best projection at the moment would be we’ll see another cheap phase moving into that last week of September and it’s most likely the fuel companies will time the price hike to the increase to the excise.

“The fuel companies will be planning for this … so we’ll likely see a hike around the last few days of September staying into early October but that said, were still four weeks out.”

Mr Jeffreys predicted prices would peak past $2 but would not exceed $2.20.

In the meantime, he advised SEQ drivers to start comparing their bowers to get the best deals on fuel.
Brisbane fuel prices remained steady on Friday, with unleaded petrol costing an average of $1.76 in most areas and a low $1.57 in Greenslopes and Annerley.

Kunda Park and Bli Bli are the fuel-up hotspots on the Sunshine Coast, with unleaded petrol capped at $1.57, and Harristown fuel stations in Toowoomba are also trading unleaded at $1.59.

Mij Hannant fills up her car. Picture: Brendan Radke

Motorists fuelling up on the Gold Coast faced the highest unleaded prices at $1.87, despite RACQ’s fair fuel calculator stating a fair price in the area should be sitting at $1.69.

“Given the current wholesale price, we would say a cheap price is anything under $1.62 which is only about 4 per cent of the market, so there are only a handful of cheap sites out there,” Mr Jeffreys said.

“Certainly if you need to fill up, check the price comparisons and if one of the few remaining cheap sites are near you or your destination, fill up.”

The fuel excise will return to normal on September 29.

Cheapest places to fill up (unleaded)

Brisbane

7 Eleven Greenslopes – $1.57

Coles Express Annerley – $1.57

Puma Dutton Park – $1.79

Enhance Service Station Kelvin Grove – $1.79

7 Eleven East Brisbane – $1.79

BP Stanley Street East – $1.79

United Woolloongabba – $1.79

Overall fair fuel price – $1.76

Sunshine Coast

Puma Kunda Park – $159

United Bli Bli – $1.59

Puma Bli Bli – $1.59

BP Pacific Paradise Roadhouse – $1.59

Matilda Blue Buderim – $1.81

Shell Buderim – $1.81

BP Connect Maroochy Plaza $1.95

Overall fair fuel price – $1.59

John Barnes fills up his car and two jerry cans. Picture: Brendan Radke

Gold Coast

United Merrimac – $1.87

BP Connect Merrimac – $1.87

7 Eleven Surfers Paradise – $1.89

BP Ashmore – $1.89

7 Eleven Ashmore – $1.89

BP Ashmore Village – $1.89

7 Eleven Southport $1.89

Overall fair fuel price – $1.69

Logan/Ipswich

Coles Express Yarrabilba – $1.89

Pacific Petroleum Churchill – $1.79

Ampol Foodary Churchill – $1.79

Metro West Ipswich – $1.79

Raceview Fuels – $1.81

BP Foodwords Tivoli – $1.85

Caltex Woolworth Booval – $1.89

Overall fair fuel price – $1.98

Toowoomba

Puma Harristown Anzac Ave – $1.59

Pacific Fuels Anzac Ave – $1.59

7 Eleven Harristown – $1.59

Metro Petroleum Toowoomba – $1.59

Pearl Energy Harlaxton – $1.65

Metro South Toowoomba – $1.65

Shell Toowoomba Range – $1.89

Overall fair fuel price – $1.59