NRMA urges drivers to fill up their cars as ‘perfect storm’ could lead to record prices

Australia is facing a “perfect storm of petrol prices”, and drivers could soon be paying more at the pump than they ever have before.

Australian motorists should fill up their cars this week before petrol prices soar to potentially record-breaking levels, motoring groups warn.

NRMA spokesman Peter Khoury said a number of factors are to blame, including an increased demand in global oil, a disruption in supply during the pandemic and recent weather events.

“We have our own problems right now in Australia. We are looking at some grim days ahead for fuel prices. Oil prices have jumped to a four-year high which is a worry,” he said.

“Demand for oil is increasing as the global economy continues to open up, but supply hasn’t kept up with the demand. We are facing a perfect storm of petrol prices.”

Fuel prices are expected to increase to some of the highest levels. Picture: NCA NewsWire / Kelly Barnes

Sydney is expected to be hit the hardest, Mr Khoury said, with extra demand placed on fuel when that state reached 80 per cent of its residents fully vaccinated against Covid-19.

Average prices for U91 unleaded petrol could grow from 151.9 cents a litre to 170 cents a litre, he said.

That would be the highest amount since the 2008 global financial crisis.

“It’s a bit of a concern leading up to freedom day where more and more people are moving around,” Mr Khoury said.

“Once those prices increase, they don’t go slowly. They go up very quickly and people will get caught out.”

Originally published as NRMA urges drivers to fill up their cars as ‘perfect storm’ could lead to record prices