Report reveals fuel prices reached record high in 2021

A new report has revealed that Brisbane’s average fuel price in 2021 was the highest it’s ever been. But there should be better news for motorists this year.

A new report has revealed that Brisbane’s average fuel price in 2021 was the highest it’s ever been.

RACQ released its Annual Fuel Price Report which shows, at $1.508, drivers were slugged on average almost 26cpl more at the bowser for regular unleaded petrol than in 2020

The river city was also the second most expensive capital in Australia last year, ahead of Sydney with an average of 150.7cpl, and just behind by Hobart at 150.9cpl.

“We also saw record high monthly and daily average prices across most of the State,” RACQ spokeswoman Renee Smith said.

“This was due to a range of global factors including supply and demand issues following the easing of COVID-19 restrictions, which drove up oil prices and subsequently the price we paid at the bowser.

“The good news is we’re not expecting oil prices to reach the highs we saw towards the end of last year any time soon, this also means fuel isn’t likely to be quite as expensive in 2022.”

Brisbane motorists paid more for fuel in 2021 than ever before. Picture: NCA NewsWire / Brenton Edwards

The report stated that after the Covid-19 induced oil price collapse in early 2020, oil prices and retail fuel prices steadily increased through the second half of 2020 and throughout 2021.

In November 2021 retail regular unleaded prices across Queensland hit new all-time record highs.

The two significant factors that led to the high oil prices were supply restrictions imposed by the oil producer cartel, OPEC and its allies, as well as the delays in the return of oil production capacity following the demand and price collapse in 2020.

Bundaberg was the cheapest place to buy Unleaded 91 in Queensland last year, with an average of 138.7

cpl.

Those filling up with diesel were getting the best price in Roma, with an average of 138.5 cpl.

But the price of diesel also spiked for Brisbane residents, increasing by 18.3 cpl to 143.8 cpl.

It was the most expensive place to buy diesel out of Australia’s five largest capital cities.

Ms Smith said Queenslanders hadn’t completely left high fuel prices behind them in 2022.

“Unfortunately, at the moment drivers in south east Queensland are seeing prices as high as 189.9cpl, as markets are in the price hike phase of the petrol cycle,” she said.

She said no matter which part of Queensland residents lived in, her advice was to always use apps to shop around and find the best deal.