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The truth about rip-off petrol prices: Drivers are paying 14 cents a litre too much for fuel - and oil companies are making massive profits

Daily Mail logo Daily Mail 5 days ago Stephen Johnson For Daily Mail Australia

Record high petrol prices were reached in 24 towns and cities including Cairns, Townsville, Rockhampton, Kingaroy and Mount Isa (stock image)  © Provided by Associated Newspapers Limited Record high petrol prices were reached in 24 towns and cities including Cairns, Townsville, Rockhampton, Kingaroy and Mount Isa (stock image) 

Motorists in some parts of Australia are being ripped off, with petrol prices surging to a new record high as oil company retail margins climb to 14 cents a litre.

Average national unleaded pump prices in October reached the highest level since July 2008.

Across Queensland, bowser prices reached new records in Brisbane, Ipswich, the Gold Coast and the Sunshine Coast, a new report by road services group RACQ found.

a woman posing for a picture: Motorists in some parts of Australia are being ripped off with petrol prices surging to a new record high as oil company retail margins climb to 14 cents a litre (stock image) © Provided by Associated Newspapers Limited Motorists in some parts of Australia are being ripped off with petrol prices surging to a new record high as oil company retail margins climb to 14 cents a litre (stock image)

Retail margins in these areas soared to 14 cents a litre, pushing pump prices above 160 cents a litre and past a previous record high set in early 2014. 

The state's populous south-east corner wasn't the only part of Queensland to be ripped off, with record high prices reached in 24 towns and cities including Cairns, Townsville, Rockhampton, Kingaroy and Mount Isa.

Brisbane was Australia's most expensive capital city in October, with average unleaded prices of 159.3 cents a litre surpassing a record last set in January 2014.

This occurred as petrol prices surged by seven cents a litre in just one month.

a close up of a store: Across Queensland bowser prices reached new records in Brisbane, Ipswich, the Gold Coast and the Sunshine Coast, a new report by road services group RACQ found (stock image)  © Provided by Associated Newspapers Limited Across Queensland bowser prices reached new records in Brisbane, Ipswich, the Gold Coast and the Sunshine Coast, a new report by road services group RACQ found (stock image) 

'This was due to the increase in the oil price, the weak Australian dollar and an increase in fuel company margins,' the RACQ report said.

Motorists in regional Queensland paid even more, with unleaded prices surging by 6.6 cents a litre to 160 cents a litre. 

Petrol prices in Australia's biggest cities have come down during the past fortnight, with Sydney unleaded selling for 137.8 cents a litre, after hitting a decade-high of 164.3 cents a litre on October 19, Motor Mouth data showed.

Melbourne unleaded prices have fallen from 167.2 cents a litre on October 24 to 147.4 cents a litre.

Brisbane has also benefited, with average unleaded prices falling from 169.1 cents a litre on October 11 to 141.5 cents a litre.

CommSec senior economist Ryan Felsman urged motorists to fill up this week, and predicted prices would go up again early next week as the 18-day discount price cycle came to an end in the three east coast capital cities. 

The RACQ blamed cuts to OPEC oil production and imminent U.S. sanctions against Iran, for pushing up petrol prices in October.

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