Sydney petrol prices hit eye-watering highs as experts warn it will only get worse

Petrol costs have hit a brand new document excessive in Sydney after a surge in world oil costs.

On town's decrease north shore, petrol costs have reached startling highs with consultants warning the fee on the bowser could solely worsen.

At Coles Specific in Cammeray, Cremorne and Woolloomooloo the worth of premium 98 unleaded petrol hit $2.22 a litre whereas unleaded was sitting at slightly below $2 a litre.

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Premium unleaded costs on town's decrease north shore reached eye-watering costs.(9News)

"It was horrendous, nearly $2 a litre and that is only for the usual petrol," a motorist stated.

The wholesale unleaded petrol worth is presently at a document excessive of $1.66 a litre.

The retail worth, which is what we pay on the pump, is on common $1.68 - on the backside of the cycle.

It is predicted petrol costs will attain nicely over $1.80 a litre on the prime of the cycle, which might be one other document.

"We at the moment are seeing costs breaking the document throughout Australia," NRMA spokesperson Peter Khoury stated.

"Each capital metropolis has damaged the worth, most cities now have gone greater than they ever have earlier than."

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In the meantime, unleaded costs additionally reached record-breaking highs.(9News)

Gasoline costs are have elevated by as much as 32.3 per cent over the previous 12 months.

That is the strongest annual rise since 1990.

Economist Shane Oliver stated petrol costs are "most likely headed greater".

"I feel we'll see oil costs globally push above that $100 a barrel mark and that in flip will most likely add one other 10 cents a litre to the common petrol worth," Mr Oliver stated.

NRMA has suggested motorists to buy round earlier than they replenish.

"Even at these document costs you possibly can nonetheless discover a discount," Mr Khoury stated.

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NRMA spokesperson Peter Khoury warned motorists to buy round for the bottom costs.(9News)

Among the most cost-effective costs will be discovered at Apex Petroleum at Villawood the place unleaded sits at simply $1.54 a litre.

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In the meantime, at Granville Powerfuel and at Ampol Foodary in Granville the worth of unleaded is $1.55 a litre.