Unleaded fuel prices are expected to approach 150 cpl in Brisbane this Sunday, as average ULP prices reach record highs in 2011, a motoring organisation has warned.

The anticipated average ULP price of 147cpl represented the highest price since September 2008, according to the Royal Automobile Club of Queensland Ltd.

RACQ Communications Manager Joe Fitzgerald said “Motorists should fuel up in the next 48 hours to avoid the expected price hike.”

“Brisbane’s average ULP price in February was almost 17 cpl higher than the same time last year,” he said.

“Last month’s average ULP price of 138.4 cpl was significantly higher than in
Sydney, Melbourne, Canberra, Adelaide and Perth, in line with Brisbane’s ULP performance last year as highlighted in our Annual Fuel Price Report 2010.”

Mr Fitzgerald said Brisbane’s average ULP price in February 2011 was more expensive than that of the majority of the State’s regional centres, with the exception of Miles (147.4 cpl), Moranbah (140 cpl), Mount Isa (140.6 cpl) and Longreach (143.5 cpl) which all exceeded Brisbane’s average.

Toowoomba was the cheapest place in Queensland to buy ULP in February, continuing its trend from 2009 and 2010, when it delivered the cheapest average
ULP prices in the State.

In the second half of February, petrol stations in the suburbs of Virginia and Nundah delivered the cheapest prices in Brisbane for all grades of petrol. This was due to a price war between a heavily discounting independent and nearby petrol stations.

“The Australian dollar maintained a stable value in February at or just above parity with the US dollar. However the price of Crude oil continues to rise. With current instability in North Africa and the Middle East, price rises are likely to continue.”

Mr Fitzgerald said a spike in the oil price on February 24 was caused by uncertainties about supply due to political unrest in Libya, which usually produces 1.6 million barrels of oil per day.

“It is estimated that 50 percent of Libya’s production has currently ceased due to the political instability. In the current climate it is imperative that motorists keep an eye on the weekly fuel cycles to ensure they fill up on the cheapest days of the week.”