Highest in history: fuel prices to skyrocket as RACQ urges motorists to fuel up now

Petrol prices in Southeast Queensland have broken a new all-time record, with drivers warned things aren’t likely to improve. FIND THE CHEAPEST

Several stations have hiked their petrol prices to $237.9 a litre. Picture: Istock

Petrol prices have reached a new record across South East Queensland, as the state’s cost-of-living crisis deepens.

The previous record of 229.9c per litre, set in August 2022, was smashed on Tuesday by almost 10c, with more than 21 per cent of fuel stations across Greater Brisbane hiking their prices to 237.9c.

BP Bowen Hills, BP Hamilton, Coles Express Windsor and BP Bowen Bridge all reached the new record price.

Around Brisbane’s CBD, Coles Express Breakfast Creek, BP Ashgrove and 7 Eleven Newmarket were all charging 196.9c.

Diesel prices weren’t much better, with Coles Express Coorparoo and Milton both charging over $2.40 per litre.

RACQ principal economic and affordability specialist Ian Jeffreys said drivers should not wait to fill up, as prices were not expected to fall.

“Never before have we said that prices in the $1.95 to $2 range were cheap, but unfortunately this price cycle, that’s about as cheap as it’s going to get,” Dr Jeffreys said.

“OPEC’s decision to cut global production and a weaker Aussie dollar have led to increased wholesale prices and there’s no doubt fuel companies will pass this on to motorists in the coming days and weeks when they eventually hike their prices too.”

The sky-high prices at BP Herston. Picture: Steve Pohlner

The federal opposition accused the government of ignoring hardworking Australians after the latest cost of living hit.

“Household budgets are being squeezed at every possible angle under Labor.,” shadow treasurer Angus Taylor said.

“Despite promising day after day to bring the cost of living down before the election, Labor has made a bad situation worse.

“Labor must treat inflation as priority one, two and three. Unfortunately that’s not what we’re seeing and it’s hard working Australians paying the price.”

A spokesperson for federal treasurer Jim Chalmers said global oil production and the ongoing conflict in Ukraine were to blame for the recent hike.

“We understand that households are under pressure, that’s why our number one priority is rolling out billions of dollars worth of cost-of-living relief to help people make ends meet – including energy relief for homes and small businesses that Angus Taylor and the Liberals voted against,” they said.

“If Angus Taylor cared about cost of living pressures he wouldn’t have voted against helping people with their energy bills, and that’s why he has no credibility here.”

While some service stations were choosing to increase their prices, just over 64 per cent are still charging $2 or less per litre.

For more information on fuel prices head to RACQ Fuel Finder.

Cheapest unleaded 26/09:

Coles Express Breakfast Creek: 196.9

BP Express Ashgrove: 196.9

7 Eleven Ashgrove: 196.9

7 Eleven Newmarket: 197.7

Most expensive unleaded 26/09:

BP Windsor: 237.9

Coles Express Windsor: 237.9

BP Connect Hamilton: 237.9

BP Connect Bowen Bridge: 237.9

Cheapest diesel 26/09:

Puma Wilston: 219.7

7 Eleven Newmarket: 219.9

7 Eleven Ashgrove: 219.9

Enhance Service Station & tyre Plus Mechanic: 219.9

Most expensive unleaded 26/09:

Ampol Toowong: 235.9

BP Milton: 239.9

Coles Express Milton: 240.9

Coles Express Coorparoo: 240.9