Motorists shouldn’t rush to the petrol pump this week, as a price spike takes hold, the NRMA has said.

Last week, the motoring body warned about a likely rise in petrol prices.

That prediction became reality with prices in the Illawarra jumping 7¢ a litre, from an average of 128.4¢ for regular unleaded last week to 135.4¢ on Monday. There is a possibility the price could rise further as Sydney is expected to climb to 140¢ a litre later this week.

“Given current market conditions, rising crude oil prices and rising wholesale prices, we expect the Sydney average regular unleaded price to fall to 124¢ per litre at the bottom of this current cycle,” an NRMA spokesman said.

“I would expect Wollongong’s average price to fall to at least 127¢ per litre over the next three weeks given recent pricing behaviour in Wollongong.”

Extracted in full from the Illawarra Mercury