The Australian Competition and Consumer Commission’s (ACCC) report on Brisbane fuel prices has revealed the extent to which Brisbane motorists are being ripped off compared to motorists in Australia’s other capital cities.
Minister for Energy and Biofuels Mark Bailey said the ACCC Brisbane report found that on average over the last eight years, Brisbane motorists have been paying 3.3 cents per litre more for petrol compared to motorists in Australia’s largest four cities.
“What shocks me the most is when you look at this compounding effect holistically, Queenslanders are paying $50 million a year more than motorists in other capitals,” Mr Bailey said.
“However when you look over the eight year study period this means it has costs Brisbane motorists a mind boggling $400 million.
“This difference of 3.3 cents per litre might not seem like much, but it does have a big compound impact especially on Queenslanders as we spend more on fuel than motorists in any other Australian state.
“This is quite literally highway robbery and clearly unacceptable.”
Mr Bailey said the ACCC found a similar pattern to the report published in May on the Cairns petrol market.
“Following a Petrol Prices Roundtable in March 2016, the Palaszczuk Government asked the ACCC to undertake an investigation, to shine a light on Qld petrol prices,” Mr Bailey said.
“While the Cairns market was being investigated, we called on the ACCC to also look at the Brisbane market and I welcome the ACCC shining a light on this important issue for motorists which is a step in the right direction.
“The report supports improved fuel price transparency to increase competition in the fuel industry, with readily available information about retail petrol prices from fuel price websites and apps.
“I encourage motorists to use apps like Motormouth and Gas Buddy to ensure that they can access the lowest price possible.”
Mr Bailey said Palaszczuk Government had already acted through our ‘what you see is what you pay’ style regulations in August this year by banning the display of misleading discounted prices on fuel price boards, action the LNP could have taken during their term, but didn’t.
“Our what you see is what you pay fuel regulations which come into effect from 31 January 2018, supports the ACCC’s reports recommendations of increased transparency and promotion of vigorous and effective price competition,” he said.
“This is extremely important given that the ACCC identified that the two major supermarket chains control 40% of the Brisbane market.
“The Palaszczuk Government is committed to ensuring all Queensland motorists are paying a fair price and we look forward to working with the ACCC to further put pressure on fuel retailers to help alleviate the impact of petrol prices on Queensland motorists.”
Mr Bailey said the Palaszczuk Government is committed to advocating for Queensland motorists and we are already delivering on our biofuels mandate which is playing a key role in Queensland’s transition to a clean energy economy which is also creating new jobs.
“Because E10 can be produced more cheaply than regular unleaded, by supporting its uptake in Queensland, the Palaszczuk Government is creating competition for the big oil companies,” he said.
“United Petroleum announced just last month it was cutting the price of all E10 fuels across Queensland by 6 cents for a limited time, which is a big win for motorists.”