If You're In Sydney Or Brisbane, Fill Up Your Tank Now
Motorists in Sydney and Brisbane are being warned to fill up their tanks ASAP, before some petrol stations hike their prices up to over 167 cents per litre.
Prices at a Shells Coles Express outlet in the Brisbane suburb of Tingalpa soared to 166.4 cents per litre (cpl) on Thursday. Down the road in Murarrie, a Woolworths outlet sat at 137.4 cpl.
The average price for regular unleaded petrol in Brisbane is sitting at 141.2 cpl, according to the latest NRMA figures.
But Queensland's Royal Automobile Club of Queensland (RACQ) spokeswoman Lucinda Ross told 10 daily almost six percent of petrol stations hiked their prices up to 167.9 cpl overnight.
"We expect more servos will continue to hike their prices in the days to come ... hopefully not to the same extreme levels," Ross said.
NRMA's Peter Khoury said rising petrol prices are driven by a slow creep in world oil prices, compounded by the discounting cycle of petrol retailers.
"For most of 2019, we've seen world oil prices consistently climbing, with OPEC continuing to cut production levels and oil-producing countries such as Venezuela and Libya also struggling," he told 10 daily.
"Then you have the price cycle on top of that."
The price cycle -- or pricing strategies used by major petrol companies -- is not a predetermined pattern and can lead to marked variances in cost.
"It's frustrating," RACQ's Ross said.
"Last price cycle, we had a high price of 159.9 cpl. While the terminal gate price -- or wholesale price -- fell by 2.1 cpl at the end of April, we're seeing fuel companies using that to increase their margins by up to almost 30 cents per litre."
What's Happening Across The Other Capital Cities?
According to NRMA figures, the highest average price of unleaded petrol -- 164.4 cpl -- is in Adelaide at the peak of its cycle.
"That's as high as it's going to get, so motorists should hold off," Khoury said.
But he warned all other capital cities are heading in a similar direction.
Sydney is at the bottom of its cycle with an average unleaded price of 139.3 cpl -- and it's going up.
"We have noticed a number of service stations that have also jumped to 167.9 cpl," Khoury said.
The average prices in Perth and Melbourne are 152.1 and 156.6 cpl respectively.
Khoury's advice to motorists outside Sydney and Brisbane is to consider a top up.
"But if you're in Brisbane and Sydney, get in now as things aren't going to get much better," he said.
"They're probably going to get monstrously worse."
Featured image: Getty