Petrol and diesel prices will see a sharp increase this week with one city set to experience a peak of $2.34 per litre for premium unleaded fuel.

In a financial blow for motorists in Sydney, the NRMA said average regular unleaded prices rose 9.9 cents per litre last week.

The average price for 91 unleaded fuel sat at $1.93 per litre on Monday but NRMA predicts this will shoot up to a peak of the low 210s in the next week.

Premium 95 and 98 are expected to see high points of 227 and 234 cents per litre respectively in the current fuel cycle.

“Average regular unleaded prices in Sydney should range between 182 cents per litre (at the low point of the current cycle) and 212 cents per litre (at the high point of the next cycle),” the NRMA report said.

Sydney’s current average diesel price is 203.2 cents per litre, up 13.0 cents per litre this past week.

The end of the fuel excise cut is also being felt in Victoria as select petrol stations across the state increased fuel prices.

The RACV says the price for unleaded in Melbourne is now averaging about 193.8 cents a litre.

In Melbourne, unleaded fuel reached as high as 224.9c per litre, according to the RACV’s fuel tracking data.

Fuel prices fluctuate according to global oil prices, which have risen substantially in the last 12 months.

Australia is ranked the fourth cheapest for fuel prices of the 33 countries in the Organisation of Economic Cooperation and Development (OECD), according to the ACCC’s Quarterly Report on the Australian petroleum market.

Extracted in full from: Fuel prices expected to surge by almost 10 cents a litre | The Canberra Times | Canberra, ACT