Gold Coasters are being urged to get to the fuel bowser sooner rather than later, with low prices set to rise again.
Last week, the coast celebrated the lowest petrol price in South East Queensland, though we’re being warned it’s not forever.
Prices typically cycle, with lower prices handing around the $1.20-$1.30 mark, and higher prices to sometimes tip over $1.60.
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While it’s not always known exactly how far prices will hike each cycle, Paul Turner from the RACQ says that due to recent global tension, it could be higher than expected.
“Global oil prices are unpredictable, and this incident [Persian Gulf oil tanker explosions] adds upward pressure to the price.
“The OPEC production cut, political unrest in Venezuela and Libya, the US sanctions on Iran and political unrest in the Middle East are all pushing up the price of oil.
“On the other side, there are some factors placing downward pressure on the oil price including the weakening US economy, the trade war between China and the US and the threat to the global economy due to US tariffs.
“Currently we’re enjoying quite low global oil prices, but Australian fuel companies are unnecessarily pushing up retail prices to near records to slug drivers,” Mr Turner said on Friday.
Lucinda Ross from the RACQ also hinted at a price hike across South East Queensland last week, urging drivers to get out and fill the tank while there was still some cheap fuel available.
“We know there are still plenty of bargains around under 130cpl, and it’s critical locals take advantage of these deals and head to the bowser before the rest of the market joins this price hike,” Ms Ross said.
According to the RACQ’s Fair Fuel Price site, a fair price on the Gold Coast is $1.22cpl.
Though it’s trending upwards, so better get in quick!
Check for the cheapest price in your area, here.