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Horror petrol prices: Are we headed to $2 a litre by Christmas?

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South-east Queensland motorists are in for a horror run of high petrol prices after records were yet again broken on the cost of filling up the tank.

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The RACQ confirmed average Brisbane petrol prices were averaging 178.8 cents a litre, the third time in recent months that records have been smashed.

The RACQ’s Renee Smith said nearly 80 per cent of Brisbane service stations were charging motorists more than $1.80 a litre.

“There are reports out there that we could hit $2.00 a litre by Christmas. Our fingers and toes are crossed that doesn’t happen,” she said.

She said several factors were driving the unprecedented surge in prices, and advised people to only get the bare minimum they need until costs fall in coming weeks.

“International supply and demand issues have driven up oil prices, this has led to high terminal gate prices and we are also in the expensive phase of the price cycle,” Smith said.

“Now is the worst possible time to be filling up the tank. If you must buy fuel, only get the bare minimum until prices begin to fall in coming weeks.”

It’s not much better elsewhere in Queensland, with both the Gold Coast and Ipswich hitting new petrol price records.

On the Gold Coast in particular, Smith said price could creep higher than their current 1.78 average in coming days.

Motorists in Townsville and Cairns are also suffering the highest petrol prices in three years.

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