Petrol prices have skyrocketed overnight with many Australians waking up to service stations charging almost 40 cents more than the day before.

Fuel has risen in parts of Sydney to $1.68 a litre for regular fuel and almost $1.80 for premium as part of the price cycle, but the rate at which it has increased has shocked motorists and experts.

National Roads and Motorists’ Association Limited spokesman Peter Khoury told Daily Mail Australia the average fuel price is continuing to rise and will peak later this week.

Petrol has risen in some areas of Sydney to $1.68 a litre for regular fuel and almost $1.80 for premium, but the rate at which it has increased has shocked motorists and experts

Mr Khoury said the state is currently sitting on an average of $1.35 per litre and it will likely peak at $1.50-$1.51 per litre. 

‘People were going home last night and saw it was $1.20 and this morning it’s jumped 40 cents more than that,’ he said.

‘In Brisbane and Sydney the prices are heading up and are coming down in Adelaide and Melbourne.’

He said prices at about 15 per cent of service stations were too high. 

Perth petrol prices are also currently on the decline, but that’s due to a seven day fuel cycle with the highest prices to kick in on a Monday. 

The price difference in Sydney could see motorists pay almost $25 more on a standard sized tank.  

Peter Khoury at the NRMA said tensions between the U.S. and Iran have not resulted in a rise in the cost of oil, despite a recent tanker attack off the coast of Oman

International political issues between the U.S. and Iran have raised questions over a potential price rise after a tanker was attacked offshore in Oman but Mr Khoury said this has had little effect.

‘World oil prices have been quite steady despite the tensions with the U.S. and Iran at the moment,’ he said.

For those looking to grab some cheap fuel there are still plenty of service stations holding out in the lower price range in Western Sydney but watch out for higher priced areas in Mount Druitt.  

Extracted from Daily Mail