Fuel prices had seemingly begun to stabilise after weeks of uncertainty caused by conflict in the Middle East, much to the relief of millions of driving Aussies.
However, a new warning has been issued that petrol prices are about to get ‘hiked’ up again. In fact, RACQ Principal Economic and Affordability Specialist Dr Ian Jeffreys said it’s already begun in the Sunshine State — and could last for up to six weeks.
“In the past week, at least 72 sites, or 13.3% of total sites, have already hiked to 219.9cpl, and we expect that number to grow in the coming days and weeks,” Dr Jeffreys said this week.
“It’s too early to say whether this is a short-term spike, but historically, price cycles last for around six weeks in South East Queensland.”
At the moment, lower fuel prices around the country are being bolstered by the government’s decision to halve the fuel excise on petrol and diesel for three months. However, that is due to end on June 30.
“Without it, prices would be sitting at around 251cpl,” said Dr Jeffreys.
Prices are predicted to rise again in at least one state. Source: Getty
Why are fuel prices still so high?
Fuel prices began to rise when conflict broke out in the Middle East earlier this year.
As a result, the cost of crude oil surpassed $100 per barrel in March for the first time in more than three years, primarily due to the closure of the Strait of Hormuz, a critical chokepoint for global energy supplies.
Today, those prices remain close to the $100 mark as the conflict continues, contributing to growing uncertainty about fuel prices.
According to the NRMA, whether prices continue to rise will be dependent on future wholesale price movements, with long-term fuel prices dependent on the situation in the Strait of Hormuz.
If the supply route continues to remain closed, it may further drive up the cost of crude oil, which will in turn affect wholesale prices in Australia and the price of fuel at the bowser.
Drivers change behaviour amid rising fuel costs
Australians across the country are changing their behaviour as a result. Research from the Royal Automotive Club (RAC) recently revealed motorists across Western Australia are making significant lifestyle changes in response to ongoing fuel costs.
From cutting back on non-essential travel to being far more strategic about when and where they fill up, habits have drastically shifted in recent months.
Many drivers are now actively monitoring price cycles, delaying refuelling to cheaper days, and consolidating trips to reduce fuel use. Others are on the roads less frequently altogether.
RELATED:
Drivers urged to fill up with fuel sooner than later
Dr Jeffreys is urging motorists to fill up now before other petrol retailers join the hike and reinstate the price cycle.
“The price difference between some of the cheapest and most expensive sites is around 50cpl – that equates to about $25 on a 50L tank for regular unleaded,” he said.
“There is no need for motorists to be filling up at the higher price of 219.9cpl, with most stations still charging under 180cpl for regular unleaded.”
He urged Queenslanders to use fuel price monitoring apps to find the cheapest sites. “Buying at the cheaper sites will save you money and drive local competition,” he said.
“Queenslanders are doing it tough, and fuel price regulation will deliver much-needed relief,” Dr Jeffreys said.
How to find the cheapest fuel in my stateQueensland
Drivers in the Sunshine State can use RACQ’s Fair Fuel Price Finder to search for the lowest prices. With the app, you can compare prices at your nearest service stations and even plan when to buy petrol based on the price cycles.
NSW & ACT
FuelCheck is the NSW Government’s real-time fuel price transparency tool, giving motorists instant access to prices from around 2,400 service stations across the state. ACT drivers can also use FuelCheck.
Victoria
Drivers can compare fuel prices anywhere in Victoria with Servo Saver, Service Victoria’s fuel map. New rules require petrol stations to publicly report their fuel prices a day before they come into effect or face fines of more than $3,000 if they breach the new rules aimed at making petrol more affordable.
WA
Fuel Watch provides West Australian drivers with up-to-date information on fuel prices. New rules require petrol retailers to lock in their nominated price by 2pm, with that price then required to remain unchanged for 24 hours starting from 6am the following day.
South Australia
The SA government recommends a number of apps to check real-time fuel prices.
Tasmania
Tassie drivers can check fuel prices through FuelCheck TAS.
Northern Territory
To compare fuel prices or find the best fuel prices in the Top End, drivers can visit the MyFuel NT website.
You can also follow us on Facebook, Instagram, TikTok, X and YouTube.