Queensland Premier Vows To Lower Petrol Prices With New Pricing Regulations

Steven Miles, the premier of Queensland, has vowed to bring down the petrol prices in his state if they win the election in October.

During his State of the State address Tuesday, Miles said they planned to make petrol stations announce their prices a day in advance, toeing the lines of West Australia. Additionally, following advice by Royal Automobile Club of Queensland's (RACQ) advice, Premier Miles promised to introduce a law that would limit petrol price increases to no more than 5 cents per liter per day, Car Expert reported.

Miles also pledged to establish at least 12 state-owned fuel stations that would operate on a cost-recovery basis and offer petrol, diesel, and electric vehicle (EV) charging. By this, the government aims to coerce the privately owned petrol stations into competition, forcing them to lower their prices.

The RACQ flagged two main reasons for high petrol prices in Queensland -- the relatively longer fuel price cycle(38 days) and not having enough independent fuel retailers.

"South-east Queensland motorists in particular are paying the highest prices for fuel in Australia of any capital city," RACQ chief executive David Carter told ABC. "If we can shorten the duration of the fuel cycle and encourage greater competition, people will pay less for their fuel than they currently pay."

Furthermore, Miles has announced a giveaway of government-owned land to small and independent retailers selling lower-quality goods.

"The costs associated with owning and driving a car can add up. But most Queenslanders, especially in the regions, need a car to get around, drop the kids at school or to do their work," Premier Miles said in a media statement. "It's not a simple issue to fix. We don't control global oil prices and we can't force privately owned petrol retailers to charge less at the bowser, but a government I lead will do whatever we can to bring petrol prices down.