Petrol Prices Soar Ahead Of Borders Reopening

Petrol prices are reaching record highs right across the country and it doesn't look like the end is in sight.

A lack of supply has seen prices surge in Sydney, Melbourne, Brisbane, and Perth along with regional towns scattered in between.

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Peter Khoury from the NRMA said with no relief in sight there's genuine concern it could see less Aussies travelling this Christmas.

"We want to see families booking holidays and going to regional centres and coastal areas," he said.

"When you’re paying record prices for petrol every extra dollar you pay at the bowser is one less dollar you've got to spend on the family, and if we want that activity to increase then unfortunately these prices could have the adverse effect, meaning people don't have as much money to spend"

- Peter Khoury

Data from MotorMouth reveals Sydney's average petrol prices are pumped to 170.4 cents per litre, while Melbourne are clocking an average of 174.7 cents per litre and Brisbane at feeling the pinch at 178 cents per litre.

Meanwhile, CommSec chief economist Craig James told the ABC that as countries around the world reopen, supply is not able to meet the overwhelming demand. 

"Supply isn't keeping pace with demand," he said, "Motorists are paying near record prices for petrol."

With prices at a seven-year high, discrepancies between some service stations in the same area of up to 50 cents a litre partially comes down to the price cycles across major capital cities in Australia, with competition and marketing strategies determining the figure.

Price hikes are also set to hit diesel as gasoil prices climb to $US98 a barrel. 

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