Gold Coast fuel price hike incoming, RACQ warns after low COVID-19 rates
A motoring body is urging Gold Coasters to get in quick and fill up while cheap fuel is still available. Here’s everything you need to know about petrol prices in the coming weeks.
Gold Coast
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A MOTORING body is urging Gold Coasters to get in quick and fuel up while cheap petrol is still available.
Thanks to low oil prices and the coronavirus crisis, Gold Coasters have been enjoying modern-day bargains at the bowser.
But RACQ spokeswoman Renee Smith said cheap fuel was going to disappear, with some stations already bumping up e10 fuel prices to $1.33.
“The Gold Coast is in the early stages of a price hike,” she said.
“Servos with prices over $1.30 are not price gouging.
“We have seen prices jump in Brisbane over the last few days and the Coast is next.
“Gold Coast motorists should fuel up now because cheap fuel won’t be around for long.
“This is particularly important for those who are hitting the road as travel restrictions are being lifted. The timing is really unfortunate on that front.”
Ms Smith encouraged Gold Coasters to fuel up around the $1-a-litre mark.
“The latest data shows around 65 servos are selling fuel under $1 a litre on the Coast but that number will continue to drop.
“Most of them now are sitting around $1 to $1.30.”
The cheapest fuel on the Coast is 95.7c at United Merrimac. The average price is around $1.08.
Over the next week fuel is expected to be more than $1.33 per litre.
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In December 2019, fuel prices hit a record high on the Gold Coast of $1.74.
Since then, motorists have been pleasantly surprised with e10 unleaded plummeting well below $1 on occassions.
In May, fuel was around 98c. During the previous price cycle, E10 fuel was less than 85 cents per litre and reached a high of under $1.
Ms Smith said depending on the oil price and wholesale fuel value, petrol could dip below $1 again.
“Once all the servos head up to $1.30, we will see it trickle down,” she said.
“But that is a few weeks away when we hit the bottom of the price cycle again.”
As part of a State Government fuel price reporting trial, Queensland petrol stations are required to report their prices within 30 minutes of a price change at the pump.
You can check fuel prices at RACQ, EzySt, FuelMap, Petrol Spy and ServoTrack.