Sydney motorists woke up this morning to the highest average price for regular unleaded petrol on record, breaching $1.70 per litre, with further hikes expected this week.
Average prices for regular unleaded are expected to peak in the coming days to over $1.74 per litre before slowly falling again.
The average of 170.2 cents per litre has climbed off the back of seven-year-high oil prices driven by rising demand globally at the same time that production levels have been kept stubbornly low by oil producing countries.
Melbourne, with $1.74 per litre, and Brisbane, at $1.76 per litre, have also broke highest average price records in those cities today.
Singapore Mogas, Australia’s international benchmark price, closed trading last week at almost $US100.
It has risen $US84 a barrel since July last year.
