National Petrol Prices Expected To Skyrocket To All Time High

Aussies are being urged to fill up their cars now with the price of petrol set to skyrocket to $2.20 per litre.

Chief economist at CommSec Craig James said petrol prices are set to soar as the war between Russia and Ukraine continues to raise petrol prices.

According to the Australian Institute of Petroleum, the national average price of unleaded petrol rose by 3.3 cents per litre hitting a record 183.9 cents per litre in the first week of March.

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Just last week, petrol prices hit a high of 191.3 cents per litre in Melbourne, 196.9 cents in Hobart, 189.7 cents in Darwin and 188.6 cents in Canberra.

Mr James said Australians still have a few weeks to fill their tanks before petrol prices soar to an all time high.

"The national average petrol price lifted 10 cents a litre after a $US10 barrel increase in crude oil over December and there was a similar 10 cent lift in February to $1.80 a litre after Brent crude rose from $US79 a barrel to $US89 a barrel in January," he said.

"Brent crude is now at $US128 a barrel so the Australian average pump price is on course to hit $2.10-$2.20 a litre over the next few weeks."

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