The Australian Competition and Consumer Commission (ACCC) has released a report about petrol prices in Brisbane.
The report found that prices in Brisbane over the last eight years, have been significantly higher than those in Sydney, Melbourne, Adelaide, and Perth.
“The cost to motorists in Brisbane of higher petrol prices has been significant, at around $50 million per annum. Over the eight-year period the estimated cost is in the region of $400 million,” the report said.
“The main factor influencing the higher prices in Brisbane is higher retail margins on petrol, which have contributed to profits in Brisbane being significantly higher than the average across Australia.”
It was noted that a lack of competitive retail pricing was part of the problem that resulted in the higher prices.
Independent mobile petrol price tracking website MotorMouth has commended the ACCC for their research and findings.
MotorMouth offer motorists current fuel pricing data through its website and smartphone app at no charge.
MotorMouth spokesperson Claire Onraet said: “Current fuel pricing information exists in Brisbane, as it does in other cities around Australia yet as the ACCC report shows, Brisbane motorists are paying 3.3 cpl more for fuel.”
“So the issue in Brisbane is not a lack of fuel pricing information… it’s with market structure,” said said.
“We have seen, in other jurisdictions, regulated mandatory price reporting schemes do not work. Instead they lead to an increase in fuel prices and have the potential to drive the smaller independent retailers out of the market completely… the exact opposite of what we need in Brisbane.”
The QLD government has also encouraged the use of existing price monitoring schemes with the marketplace.