Petrol prices have hit a new record high in Sydney after a surge in global oil prices.
On the city's lower north shore, petrol prices have reached startling highs with experts warning the cost at the bowser may only get worse.
At Coles Express in Cammeray, Cremorne and Woolloomooloo the price of premium 98 unleaded petrol hit $2.22 a litre while unleaded was sitting at just under $2 a litre.
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"It was horrendous, almost $2 a litre and that's just for the standard petrol," a motorist said.
The wholesale unleaded petrol price is currently at a record high of $1.66 a litre.
The retail price, which is what we pay at the pump, is on average $1.68 – at the bottom of the cycle.
It's predicted petrol prices will reach well over $1.80 a litre at the top of the cycle, which will be another record.
"We are now seeing prices breaking the record across Australia," NRMA spokesperson Peter Khoury said.
"Every capital city has broken the price, most towns now have gone higher than they ever have before."
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Fuel prices are have increased by up to 32.3 per cent over the past year.
This is the strongest annual rise since 1990.
Economist Shane Oliver said petrol prices are "probably headed higher".
"I think we're going to see oil prices globally push above that $100 a barrel mark and that in turn will probably add another 10 cents a litre to the average petrol price," Mr Oliver said.
NRMA has advised motorists to shop around before they fill up.
"Even at these record prices you can still find a bargain," Mr Khoury said.
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Some of the cheapest prices can be found at Apex Petroleum at Villawood where unleaded sits at just $1.54 a litre.
Meanwhile, at Granville Powerfuel and at Ampol Foodary in Granville the price of unleaded is $1.55 a litre.
