Push to drive down fuel

PETROL prices have skyrocketed to almost $1.50 per litre across the city and experts can’t say when they will come down.

The price hike has put fuel at about 25c per litre above the wholesale price of $1.24.2 per litre. Yesterday price boards began to increase from $1.34 per litre to $1.47 and above.

Independent motoring group Fueltrac is pushing for a fuel commissioner to be appointed in Queensland, but RACQ believes real-time data for motorists is the answer.

RACQ’s Renee Smith said the Gold Coast and Brisbane often had the most expensive fuel prices in the country.

“We are often paying a lot more than Melbourne or Sydney ... an Australian Competition and Consumer Commission investigation found prices here are too high, and it comes down to a lack of competition,” she said.

“We would like to see the State Government follow the NSW model, where motorists

can see in real time the prices at all the stations in their area.

“This would empower the consumer, and give them the choice. We have price monitoring apps and websites in Queensland, but many don’t share their data, or it is out of date.”

Fueltrac managing director, Chris Kable, said the price cycle on the Coast was unpredictable and could last for weeks.

“The cycle used to be easy to read, but now it is irrational and can last for weeks at a time,” he said.

“Southeast Queensland is devoid of competition, besides a few small pockets. People need to be sure to hunt out the best prices, and support the independents.”

Mr Kamble said a fuel commissioner could cap profit margins to prevent overnight spikes of up to 30c per litre.

Premier Annastacia Palaszczuk admits that fuel companies are “gouging”, but has passed the buck on holding them to account to the ACCC.

While the ACCC has a role in monitoring costs and profits it can’t regulate fuel prices.

“Some of these petrol companies are actually, you know, gouging customers and I don’t think that’s fair on consumers,” Ms Palaszczuk said.

When asked wether she supported the RACQ’s call for motorists to boycott the big companies she said it was up to consumers to make that choice.

“Once again this is a national issue and the ACCC really does need to take charge here.”

An ACCC spokesman appeared to support calls for the government to introduce laws for real-time fuel monitoring.