Though the climb would be particularly evident because of the regular Thursday spike, Mr Dimasi said he would be keeping an eye on petrol companies over the Australia Day long weekend to ensure customers weren't being ripped off.
Fortunately there had been no evidence in recent months of price gouging on long weekends.
"Retailers should bear in mind it is the Australia Day weekend and they should moderate the price increase," Mr Dimasi said.
Unleaded petrol prices have dropped almost 59-cents a litre since hitting a peak in July last year and should not return to the $1.60 mark this year thanks to the weakening world economy. There was even a chance they could dip below $1.00 per-litre for a sustained period.
Diesel prices are also on the way down, thanks to a drop in demand from Asian countries.