Australians fuelling up for the weekend will be paying more than they have for almost the last four years.
The price of unleaded is almost 12 per cent higher than this time last year at an average $1.45 per litre across Sydney, Melbourne, Brisbane, Adelaide and Perth, the Australian Competition and Consumer Commission said on Tuesday.
A jump in international crude oil and refined petrol prices is to blame for the price increase, the watchdog says.
But the Organisation of Petroleum Exporting Countries has also been bumping up the price after agreeing to cut down production.
The supply concerns stem from renewed US sanctions against Iran, fears of spreading conflict in the Middle East and a political crisis in Venezuela, according to the ACCC.