Upper Yarra residents are being urged to fill up at the fuel bowser as prices start to jump in the South East of Melbourne.
Global crude oil prices have reached their highest levels since 2014 following the uncertainty over a Russian invasion of Ukraine, which is set to drive petrol prices up around Australia.
Russia is the second-largest exporter of crude oil and refined petrol, as well as the largest exporter of natural gases.
The average price of Australian petrol was $1.70 when the price of oil was $90 USD a barrel. With a 13 per cent increase per barrel expected, its expected petrol will rise to over $2 a litre.
Currently, the average price of petrol in Australia is $1.79, however, a petrol station in Bayswater North was spotted at $2.05 a litre on Thursday 24 February.
