Motorists shocked as petrol price set to hit a three-year high

PETROL prices are set to hit their highest level for three years over the next few days.

Motorists were shocked to see prices at service stations rise above 150c per litre Saturday and the RACQ said there were clear signs that more pain was on the way.

“Prices are hiking in Brisbane,’’ spokeswoman for the motoring group, Renee Smith, said.

“A few servos hiked on Friday, but more have joined today.”

About one in 10 fuel retailers raised their unleaded prices yesterday — seven per cent to 151.9c/L for unleaded — and more are expected to follow the upwards push.

“This is the first time we’ve seen such a significant number of servos move to 151.9c/L — and if this trend continues, we could potentially see a three-year record high next week,” Ms Smith said.

“We think that is a totally unreasonable price.”

At 151.9c, the amount being charged at the bowser is up to 30c above what the RACQ says is a fair price, based on international oil and wholesale prices.

It says a fair price would be 119.9c in Ipswich, 120.7c in Moreton Bay and Brisbane South, 121.5c in Brisbane North, 121.7c on the Gold Coast and 127.9c on the Sunshine Coast.

Prices varied wildly across Brisbane yesterday afternoon, from 120.3c to 151.9c, but the RACQ warned motorists to be quick if they wanted a bargain.

Camera IconMotorists should prepare for more pain at the pump. Amanda Sinn of West End fills up her car as petrol prices are going up.Picture: News Corp Australia

“There’s still lots of fuel around Brisbane for under 130c/L, so drivers need to fill up now before the cheap fuel disappears in the coming days,” Ms Smith said.

The latest sting for motorists comes just days after revelations highlighting that Brisbane residents suffered the biggest jump in transport costs in the country.

The Australian Automobile Association’s Transport Affordability Index showed people here spend an average $371.39 a week on vehicle and/or public transport costs — $1700 more than the average for the capital cities — and the highest compared to income levels.

Much of the increase was attributed to soaring fuel prices, which have consistently been higher than other cities for almost a decade, according to a major investigation by the Australian Competition and Consumer Commission late last year, sparked by a Sunday Mail/Courier-Mail campaign.

The consumer watchdog laid the blame squarely on the greed of service stations taking advantage of a relative lack of competition to gauge profits, which are 55 per cent higher on average than the rest of the country.

Opposition leader Deb Frecklington said the State Government was “arrogantly” refusing to introduce a real-time petrol price monitoring system which was saving New South Wales drivers an average $6 a week.

But the Palaszczuk Government says a state-run website is a “knee-jerk pledge’’ by the LNP which would only duplicate existing services and do nothing to bring prices down.

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