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One quarter of petrol stations in greater Brisbane have hiked their prices by 50 cents per litre this week, prompting calls for the Queensland government to step in to restrict petrol price hikes.
RACQ's principal policy advisor Ian Jeffreys said costs have "creeped up" amid cost-of-living pressures.
"We're concerned that the fuel market is now coming towards market failure," he said.
"This impacts those on the lower incomes the most… [they] don't have the luxury to wait until fuel is cheap again."
Some motorists would now be paying $2.29 per litre for unleaded petrol at the bowser, with more retailers expected to follow suit in coming days.
This is 56 cents above the average wholesale price, according to the RACQ.
"Global oil prices have decreased, so charging $229.9 cents per litre for unleaded, with a retail margin of 56 cents per litre, is unacceptable and unjustified," he said.
He said the government should limit the daily increase of fuel prices ahead of the October election.
"An increase of five cents [a day] would be reasonable," he said.
"It would give motorists the confidence that the cheap retail price they saw yesterday is likely to still be among the cheaper prices next week."
Treasurer Cameron Dick said the state did not have the legislative or constitutional authority to regulate prices.
"But our view is this: the big oil companies should be giving Queenslanders a break," he said.
"We know Queenslanders are hurting because of national and global cost-of-living pressures."
According to Dr Jeffreys the proposal could still be implemented.
"They do intervene in pricing in other markets and there is enabling legislation that supports that," he said
With petrol prices set to spike in major cities in coming days, Dr Jeffreys said Queenslanders should act quickly.
"If you've got an empty tank, fill up now…I wouldn't leave it much longer than the end of the weekend," Dr Jeffreys said.