THE RACQ has raised fears unleaded petrol prices on the Gold Coast could once again break records this month.
The motoring body’s Renee Smith said just six days into the month, the average ULP price in southeast Queensland was already close to the record set in January.
“On 2 January there was a record daily average for ULP of 165.3cpl on the Gold Coast,” Ms Smith said.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
“While we don’t expect to break that record during the current price cycle, we can’t rule it out later in the month. The peak of the next price cycle is expected to occur in two to three weeks.”
Ms Smith said there were several contributing factors to the increasing prices.
“Any weakening of the Australian dollar will place upward pressure on the local price of oil and fuel,” she said.
‘“If tensions between Russia and the West worsen this may also lead to further increases in oil prices.”
Ms Smith said the RACQ’s monthly fuel price report has shown ULP on the Gold Coast was only slightly cheaper than it was in Brisbane last month, and more expensive than many Australian capital cities.
“The average cost of ULP on the Gold Coast for February was 156.4cpl, this compares to an average of 157cpl in Brisbane,” she said
“The average cost of ULP on the Gold Coast was 4.3cpl dearer than Adelaide, 3.9cpl more expensive than Sydney, prices were 3.8cpl higher than in Melbourne and 2.6cpl dearer than Perth.
“As always, we urge motorists to take the time to shop around, by doing so they can save themselves hundreds of dollars each year.”