Petrol prices to soar over Christmas season

The price of petrol is expected to soar over the festive season, and will likely worsen in the New Year.

A surge in global oil prices is driving up the cost, with prices reaching a two-year high, the TODAY Show reports.

"If these reports of continued cuts in productions hold true then unfortunately that's what we're going to have to brace ourselves for," NRMA spokesman Peter Khoury told the TODAY Show.

"But the reality is this is such a volatile industry."

Drivers are already experiencing pain at the pump, with the average price of fuel sitting at about $1.30 per litre.