Brisbane faces record high petrol prices as Sydney and Melbourne warned of looming spikes

Cuts to global supply coinciding with school holidays sends prices up to $2.38 a litre

Jeffreys forecast that Melbourne and Sydney will soon follow suit and see average prices increase with long weekends in both cities.

The latest ABS figures show that petrol prices are up 13.9% compared with the previous 12 months, rising 9.1% in August alone. KPMG chief economist, Brendan Rynne, said international prices were higher as a result of a decision by petrol cartel Opec, plus major producer Russia to cut supply.“We’re getting the double effect of increasing cost of petrol in the open market, also, having to pay for that at a lower exchange rate is therefore driving petrol prices,” he said.

Rynne said there is some good news in the medium term: petrol prices are likely to drop after this cycle, as northern Europe heads into winter.“Part of that will be an expectation that oil demand globally is probably going to soften over the coming six months, that tends to be the case when the northern hemisphere goes into winter.”

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