Sharp 26-cent petrol price hike for Sydney motorists

Average unleaded petrol prices in Sydney rose by more than 26 cents a litre over the past seven days, with expectations for even higher prices by the middle of the week.

The average unleaded price at Sydney pumps was 163.1 cents per litre yesterday afternoon, according to NRMA data.

An NRMA spokesperson predicted that price point could jump by a further 2 cents, to reach a cycle peak of $1.65 by tomorrow.

Petrol prices should soften after that, the spokesperson said.

Rising tensions between US and Iran, reduced output from OPEC and rising stockpiles of US crude have contributed to erratic prices.

Last week, more than a quarter of service stations in Melbourne were charging above $1.75 for a litre of unleaded.

Unleaded prices in Brisbane were averaging at just under $1.70 at the end of last week, with Adelaide dropping to $1.53 and Perth a share under $1.40.

Petrol prices in Australia move up and down in regular patterns or cycles.

The cheapest and most expensive days to buy petrol in each state can change from cycle to cycle.

Last week, just after Iran launched a rocket attack on Iraq bases housing US military, an NRMA spokesperson told nine.com.au that any destabalisation in the Gulf would affect Australian prices.