Aussies urged to get to the servo for final day of fuel excise cut

Today is the last day Australians can take advantage of a temporary petrol price cut at the bowser.

The fuel excise cut, which was imposed in March by then-Prime Minister Scott Morrison, will end at midnight tonight.

Prices are already on the rise and the NRMA and the ACCC have both put oil companies on notice.

READ MORE: Data shows Australian fuel prices have skyrocketed before excise cut ends

The wholesales price will be pushed up 25 cents a litre but this shouldn't be passed on to customers for six or seven days.

This increase will take a week or two to filter through to regional areas.

As of this afternoon, with the excise still in place, prices are still pushing $2 a litre in most states.

However, the price of wholesale oil has been steadily dropping since June, so consumers in theory should not be hit too hard.

Data in the Australian Institute of Petroleum's (AIP) weekly petrol prices report shows fuel costs have shot up by more than ten cents in the week ending Sunday, September 26, even though wholesale prices – the price retailers buy their stock at – have moved in the opposite direction.

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The report states the average wholesale price for unleaded petrol in Australia was 150.2 cents per litre for the week ending September 23, down from 152.3 the previous period.

"We hope we don't get to $2 a litre and indeed if the oil companies do the right thing we shouldn't ," NRMA's Peter Khoury told 9News.

Brisbane is averaging 192.8 cents a litre, followed by Melbourne at 191.6c/L and Sydney at 190.5c/L.

Adelaide is averaging 189.2c/L, Canberra 177.8c/L, Hobart 171.9c/L, Darwin 170c/L and Perth 155.8c/L.

Fuel prices were about $2 a litre when the 22c/L excise cut was put in place in March.

The current Treasurer Jim Chalmers has said the excise cut is too expensive to maintain, with the cost to the government at about $3 billion so far.

Prices at the pump aren't expected to shoot up straight away.

There are 700 million litres of fuel currently in the system, providing something of a buffer for drivers.

But when prices do increase, experts are forecasting a rise of about 25c/L.

People are being urged to fill up now, rather than wait.