More petrol pain ... RACQ warns of record price

Danielle Lowe

QUEENSLAND motorists face more pain at the petrol pump with the price of unleaded fuel likely to rise to a new record high this month.

Peak motoring body RACQ has forecast the bleak possibility as the Australian dollar weakens and tensions over Russia's actions in Crimea rise.

RACQ spokesperson Renee Smith said just six days into the month, the average ULP price in southeast Queensland was already close to the record set in January.

"On 2 January there was a record daily average for ULP of 165.5cpl in Brisbane," Ms Smith said.

"While we don't expect to break that record during the current price cycle, we can't rule it out later in the month. The peak of the next price cycle is expected to occur in the next two to three weeks."

Ms Smith said there were several contributing factors to the increasing prices.

"Any weakening of the Australian dollar will place upward pressure on the local price of oil and fuel," she said.

"If tensions between Russia and the West worsen this may also lead to further increases in oil prices."

Ms Smith said the RACQ's monthly fuel price report has shown Brisbane continued to be more expensive for ULP than many other capital cities.

"During February, the average cost of ULP in Brisbane was 4.9cpl dearer than Adelaide, 4.5cpl more expensive than Sydney, prices were 4.4cpl higher than in Melbourne and 3.2cpl dearer than Perth.

"Warwick had the cheapest ULP in the state last month, with an average of 152.4cpl.

"As always, we urge motorists to take the time to shop around, by doing so they can save themselves hundreds of dollars each year.

"RACQ's Fair Fuel Price service is a great tool for finding out how much motorists should be paying for fuel in their area."

The Fair Fuel Price service allows you to type in your postcode to find the fair price for you area and what a selection of stations are actually charging.

Topics:  cost of living editors picks petrol prices racq

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