The RACQ had originally predicted prices would peak towards the end of the month, but the sudden price hike has come earlier than expected.
RACQ spokesperson Renee Smith said while Greater Brisbane, Ipswich, Toowoomba and the Gold and Sunshine Coasts recently enjoyed a period of low fuel prices, that’s set to change.
“The average cost of ULP in Brisbane is 161.3 cents per litre, but we know as we enter the expensive phase of the cycle, prices increase by about 30 cents per litre,” Ms Smith said.
“We experienced a new record high average price of 178.8 cents per litre in Brisbane in October in the last peak of the cycle.”
At 1pm today, that record was broken by Coles Express, with fuel costing 193.9 cents per litre.
“Global factors, like oil prices, supply and demand issues, and terminal gate prices, are to blame. It is a volatile situation and while it is hard to predict what will happen next, trends are pointing toward a new record daily average,” Ms Smith said.
“It’s most likely ULP will remain below 200 cents per litre for the foreseeable future, however another strong increase in the oil price could lead to even higher average prices early next year.”
Ms Smith urged motorists to take advantage of cheap fuel, particularly filling up when petrol is $1.60 per litre or less.