Record breaking year for fuel prices

January 11, 2023 6:19 am in by
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RACQ’s Annual Fuel Price Report has found average retail unleaded and diesel price records were broken in every location throughout Queensland in 2022.

Bundaberg motorists spent an average of 176.6cpl on unleaded, up almost 38 cents on the previous year.

Spokesperson Dr Ian Jeffreys says Brisbane earned the unenviable title of the most expensive of the five largest capital cities for both regular unleaded and diesel.

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“At 184.9cpl, the annual average price of regular unleaded for Brisbane was the highest on record, exceeding the previous record set in 2021 by 34.1cpl. This is extraordinary because we usually only see records move by a couple of cents,” Dr Jeffreys says.

“Those driving a diesel car would also know how incredibly expensive it’s been with prices right across Queensland hitting new records. The highest was Longreach averaging an eye-watering 222.9cpl. The average price of diesel in Brisbane for 2022 was 209.2cpl.”

Dr Jeffreys says Bundaberg had the cheapest annual average price of 176.6cpl for regular unleaded, while Miles, in the Western Downs, was the cheapest for diesel averaging 203cpl.

As well as annual and daily records tumbling, 2022 will also be remembered for the temporary halving of the fuel excise, which helped ease the burden of record global oil prices.

“We saw an increase in oil prices following the Russian invasion of Ukraine and subsequent international sanctions against Russia,” Dr Jeffreys says.

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“Without the excise cut, prices on the most expensive days in June would have been about 24cpl higher and the daily average in Brisbane may have spiked at about 246cpl for regular unleaded.

“Thankfully, global prices have eased since and while fuel markets are extremely volatile, the future is looking brighter.

“We expect oil prices and retail fuel prices to be slightly lower this year compared to 2022, so hopefully motorists will enjoy some relief at the bowser,” he says.