UNLEADED petrol prices have rocketed to new record highs in parts of south-east Queensland as cost of living pressures continue to take a toll on household budgets.
Redlands service stations have again been some of the first to raise prices, with retailers at Cleveland, Alexandra Hills and Thorneside among those now charging $2.24 per litre for unleaded 91.
Cheaper fuel is still available in other parts of the south-east, including Logan and the Scenic Rim, but that is likely to change over the next week as the new record high price spreads across greater Brisbane.
RACQ economist Dr Ian Jeffreys said prices would likely be hovering at about $2.45 per litre if not for the federal government halving the fuel excise earlier this year.
"It would have been a lot harsher if we hadn't had that cut, but $2.24 per litre is certainly the highest price we have seen in mainland greater Brisbane," he said.
"The prices on North Stradbroke Island are compounded a bit because it's an island and it's more expensive, but if we are just talking about the mainland, 224.9 cents is the highest we have seen."
The new federal government is yet to commit to extending the fuel excise cut, but Treasurer Jim Chalmers has pledged to do all he can to ease cost of living pressures on households amid rising inflation.
The Rankin MP told Sky News earlier this week that the government intended to look at long-term cost of living relief in the October budget, but said the government would not be able to extend the excise cut forever.
It means the tax could again rise to 44.2 cents per litre from September 28.
Dr Jeffreys said a lack of competition in the Redlands was the cause of higher prices and it was a similar situation in some inner-Brisbane suburbs like Indooroopilly and Chapel Hill.
"Markets in Redlands are not as competitive as they are in other parts of the south-east," he said.
"Subsequently, prices tend to be higher in those areas. We do see a couple of clusters which do seem to be higher than average, and unfortunately Redlands is one of them.
"We just don't see the same competition as we do in Logan."
Prices have surged on the back of several international factors, including the crude oil price rising to $122 USD per barrel earlier this week.
Dr Jeffreys said global oil prices remained high due to sanctions against Russia.
"They continue to restrict the amount of oil they are producing," he said.
"They are gradually increasing supply, but not fast enough to keep a lid on prices.
"We are in the very early stages of the price hike, so it will take about 10 days for prices across the greater Brisbane region to jump up to that price.
"Prices will jump up to $2.24 and that high price will spread throughout the whole of the south-east."
Motorists are being urged to shop around to find the cheapest fuel and fill up before the hike takes hold.
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