Sunshine Coast motorists have been hit with record petrol prices and should be prepared for more bite at the bowser.
RACQ’s quarterly Fuel Price Report revealed that the region endured soaring costs from July to September. It also disclosed the cheapest and most expensive service stations.
Record high daily average retail prices for unleaded petrol on the Sunshine Coast reached 221 cents per litre on August 31, surpassing the previous high mark set in June last year.
It was more significant at Noosa, where it reached 227.4cpl.
RACQ principal economic and affordability specialist Dr Ian Jeffreys said the cost of petrol had increased around South-East Queensland.
“Following OPEC’s (Organisation of the Petroleum Exporting Countries) cut to oil production in July, the global oil price increased by 25 per cent in three months,” he said via an RACQ media release.
“This, along with a weak Australian dollar, contributed to record high averages.”
The report also revealed the cheapest and most expensive places to buy petrol on the Sunshine Coast.
Cheapest (average price, cents per litre)
- Sommer Petroleum Maleny 185.6
- 7-Eleven Nambour 186.2
- Liberty Maleny 186.3
- Mobil Maleny 186.5
- Liberty Tanawha 187.2
Most expensive (average price, cents per litre)
- Coles Express Glasshouse southbound 205.6
- Coles Express Glasshouse 205.5
- Coles Express Mooloolaba 201.8
- Coles Express Tewantin 201.7
- Coles Express Maroochydore 201.6
“That’s why it’s so important to use fuel price monitoring apps, like RACQ’s Fair Fuel Finder, to find the cheaper sites – not only to save yourself money, but also to drive local competition,” Dr Jeffreys said.
The Sunshine Coast’s average price for the quarter was 195.7cpl, but it climbed from 183.5cpl in July to 207.3cpl in September.
The report said motorists should brace for more bite at the bowser.
“Oil production restrictions by OPEC+ members, especially Saudi Arabia and Russia, starting in July, led to higher oil prices in the September quarter,” it said.
“The latest forecasts for the average value of Brent crude oil in the December quarter by market analysts and the US Energy Information Administration are for an average of $US95, higher than the September quarter average.
“This is based on the current production restrictions by Saudi Arabia and Russia remaining in place.”
