Motorists in many parts of the country are being warned to fill up now, with petrol prices tipped to reach a four-year high.
Unleaded prices at some petrol stations in Sydney and Brisbane peaked above 161 cents per litre today, although some retailers are still selling for less than 140 cents per litre.
“We’re in that increasing stage of the price cycle,” RACQ spokeswoman Renee Smith told 9NEWS, adding cheap fuel wouldn’t be around much longer.
“When the prices go up, they go up sharply.”
On Sydney’s North Shore, unleaded prices at a Coles service station in Pymble peaked at 161.4 cents per litre today.
Prices jumped about two cents overnight, with the average cost of unleaded fuel across Sydney sitting at 139.8 cents per litre, and are expected to climb as high as 155.0 cents per litre over the next three to four weeks.
In Queensland’s capital, prices reached 161.9 cents per litre, with Caltex and BP service stations among the first to start raising their prices in this cycle.
“These prices will only go up from here,” RACQ spokeswoman Renee Smith told 9NEWS.
“We’re really concerned that we could go above 160 (cents per litre) on average and that would break a four-year record.”
Similar prices were recorded by the Australian Institute of Petroleum across the country last week, with unleaded prices reaching 158.2 cents per litre in Adelaide, averaging 155.4 cents per litre.
Perth prices averaged at 145.1 cents per litre, while Melbourne motorists faced an average of 141.4 cents per litre, with prices tipping at 143.6 cents. But it’s not too late.
While the four-year record spike isn’t expected to hit Sydney for a few days, a number of outlets are still offering petrol around 130.0 cents per litre.
RACQ’s Ms Hunt advised motorists to shop around.
“There is still cheap fuel available so make sure you fill up now,” Ms Hunt said.
© Nine Digital Pty Ltd 2018
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