FUEL PRICES SET FOR HIKE AS EXCISE RETURNS

Burdekin motorists could return to spending up to $2.20 per litre for unleaded and up to $2.65 for diesel after the reinstatement of the full fuel excise nationwide.

The price hike will follow a four-month period during which the Federal Government reduced the fuel excise, saving some motorists up to $20 per tank.

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The government has now confirmed it will not extend the cut for a second time, with RACQ Principal Economic and Affordability Specialist Dr Ian Jeffreys predicting the change will reach bowsers by next week.

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“It normally takes around a week to 10 days for the higher excise to flow through to station prices, depending on when retailers purchase new fuel stock,” Dr Jeffreys said.

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“That means there will still be cheaper fuel available in the market in the coming days and motorists should continue looking for the best value.”

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He said that, amid the return of the full excise, uncertainty in global oil markets could see prices rise even higher.

“Unfortunately, we’ve also seen the global oil price jump from below US$80 per barrel to around US$90 in the past two weeks,” he said.

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“If renewed tensions in the Middle East remain high, we could see these increased oil prices persist and ultimately push bowser prices up further in Queensland.”

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