Qld petrol prices: Transport minister supports cap

Queensland’s Transport Minister has thrown his support behind a national inquiry into petrol ­prices, proposing a radical solution to the state’s spiralling costs.

Transport and Main Roads Minister Brent Mickelberg. Picture: Liam Kidston

A cap on daily fuel price hikes should be considered by Australia’s competition watchdog, state Transport Minister Brent Mickelberg says, throwing his support behind calls for a national inquiry into petrol ­prices.

But any inquiry by the ­Australian Competition and Consumer Commission would need to be ordered by the ­federal government, with Treasurer Jim Chalmers so far playing a dead bat on the issue.

Brisbane recorded the highest average petrol price of any state capital city in 2024, according to major analysis by automotive body and insurer NRMA.

The staggering cost of ­unleaded petrol in Brisbane, Canberra, Sydney and Melbourne has prompted the NRMA to call for an ACCC ­inquiry into the adverse ­impacts of fuel price cycles.

Queensland’s peak motoring body, the RACQ, has also previously flagged the unfairness of fuel price cycles in the state and called for the state government to put in place a 5c daily increase limit.

The former Labor government, as part of a controversial package to build state-owned petrol stations, had promised to do so if re-elected.

Mr Mickelberg stopped short of supporting a 5c daily price rise cap but said the ­measure should be considered as part of an inquiry by the ACCC.

“I think it’s important that we have solutions that are going to deliver lasting outcomes and these are very complex issues,” he said.

“There’s a number of different factors, and what I don’t want to see is second-order ­effects that result in higher petrol prices for the longer term.

“The appropriate mechanism to consider those measures and the effects of those measures would be an ACCC inquiry.”

An ACCC spokesman said triggering an inquiry would be a matter for government.

“While the ACCC does not set fuel prices, we monitor ­retail fuel prices daily,” he said.

“Where we see issues of concern, we will investigate.”

Mr Chalmers’ ­office said the federal government didn’t want service stations taking Australian motorists “for mugs” but did not indicate if an inquiry would be called.

“The ACCC closely monitors prices to help people get the best deal at the petrol pump,” a spokesman said.

“Petrol prices decreased in the last quarter in the five major Australian cities, taking pressure off consumers who are doing it tough.”

Unleaded petrol in Brisbane averaged 195c per litre in 2024 compared to 191.1c in Sydney and 190.3c in Melbourne.

It means the average unleaded petrol price in Brisbane was also the highest it’s ever been, surging from a 2020 Covid-19 induced low of 125.8c per litre.

The average cost of diesel in Brisbane this year was 193.8c per litre, higher than all cities bar Canberra and Hobart.

This is up from the 2020 low of 126.1c.

Originally published as Qld petrol prices: Transport minister supports cap