Speed limits would be reviewed on 100 Queensland roads under an LNP government, which could look at increasing the top speed above 110km/h.
A Labor government minister hit back at the promise, labelling it a "thought bubble" that could cost lives.
The LNP would be open to increasing speed limits above 110km/h, but the review would consider safety advice from police and traffic engineers, individual road conditions and grading.
Many Queensland roads may not pass the safety test to increase above 110km/h.
The speed limits of arterial roads and stretches where the speed limit frequently changes up and down arbitrarily would be targeted.
Mr Nicholls said congestion cost motorists time and the economy money.
"Having fit-for-purpose speed limits will help alleviate congestion and get Queenslanders home sooner," he said.
"It's been a long time since speed limits on many of our roads have been thoroughly reviewed."
When in government, the LNP's $350 million road safety action plan included a review of speed limits on 100 roads.
Environment Minister Steven Miles criticised the proposal on Saturday.
"The biggest cause of congestion isn't the need to go faster, it's the need to stop crashes," he said, on Twitter.
"Increasing speeds to 120 or 130 won't help congestion. Typical LNP. Arrogant, ignore research, release thought bubble.
"This one could cost lives."
The previous review led to the Leichhardt, Carnarvon and Warrego highways increasing from 100km/h to 110km/h and reducing the speed on the Scenic Highway between Yeppoon and Emu Park Road to make the hilly route safer.
Speed limits were increased on Waterworks Road at Red Hill, Ashgrove and The Gap; Beenleigh-Redland Bay Road and Narangba Road.
Opposition main roads spokesman Andrew Powell said the LNP would ensure police and road safety engineers assessed the speed limits on shortlisted roads to protect community safety.
"Queenslanders will be encouraged to nominate speed limits for review because they are the ones who drive these roads every day," Mr Powell said.
"Depending on the outcome of the review, a road's speed limit can either increase, decrease or stay the same."
Mr Powell said in some cases, a stretch of road may increase and decrease to create a standard limit.
The next election is due by May, but there is speculation is could be held later this year.