PUMP ACTION: Petrol prices expected to soar in Sydney and regional NSW

The NRMA has predicted the peak of the next price cycle in Sydney will reach highs of 153 cents per litre.

Unfortunately, regional areas won't be spared.

"As long as the oil prices continue to go up, we need to continue to brace ourselves for the fact that there will be some level of increase at the bowser as well," NRMA spokesperson Rebecca Page said.

"There's no reason why prices in regional areas should skyrocket as high as they are in Sydney, but there will certainly be increases in the coming weeks."

ALSO MAKING NEWS:

The price rise comes with increasing demand for fuel, stemming from rising economic optimism due to the start of the vaccine rollout and easing of restrictions.

OPEC has also maintained cuts to oil production.

The NRMA said that these factors, combined with fears Australian retailers are also likely to maintain profit margins in 2021 at the same record levels as they did last year, meant Australians were likely to experience pain at the bowser in coming weeks.

The last time Sydney saw prices in the 150s was February 18, 2020, nine days before Australia declared the coronavirus a pandemic.

"We saw throughout 2020 that oil companies needed no excuse when it came to exposing Australians to higher petrol prices than what we should have been paying, and now that global demand for fuel is rising faster than supply we are concerned that things will now worsen," NRMA spokesperson Peter Khoury said.

The NRMA has also warned of significant price discrepancies between retailers, making it essential for motorists to shop around.

"There's a price discrepancy of six cents a litre between the cheapest and most expensive in Bathurst today (Wednesday), yet those prices are still cheaper than Sydney and Canberra's averages, so for the meantime our advice for motorists in the regions is still to check prices through the MyNRMA app before filling up and even better - you might find cheaper petrol in a nearby town if you're heading out and about," Ms Page said.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content: