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by Matt Brogan

In what may be an ominous sign of things to come, petrol prices are set to hit a record $1.50 litre mean average within the next week.

Oil prices again hit the $100USD per barrel mark last night driving the pump price up as demand continues to outstrip supply.

The current pump average in Sydney is $1.44 whilst outer suburbs are already paying $1.50. Melbourne is paying well in to the $1.40 mark in what may soon become the norm considering political tensions in oil producing nations and heavy demand from new industrial giants like China and India.

Not only is the concern centred around the price of petrol, but the flow on (pardon the pun) affect of increased inflation and therefore higher interest rates.

CarAdvice looks forward to hearing your views in our comments section, and perhaps what you’re paying for fuel in your part of the country.