Petrol prices are set to rise and then fall again before Christmas. 

The Daily Telegraph has reported that petrol prices in Sydney have hit their highest level in over two years.

The average cost of unleaded fuel is currently 1.37 cents per litre.

However, prices across Brisbane, Melbourne, and Canberra are higher still at an average of 1.40 cents per litre, and 1.44 cents in Adelaide.

There is expected to be some relief provided by a slight drop to 1.27 cents before the Christmas period.

NRMA’s Peter Khoury said the current conditions were beyond control.

“There is continued tension in the Middle East between Iran and Saudi Arabia and that is dragging in all those other oil-producing countries,” he told Channel 7.

“OPEC will be meeting to talk about the possibility of further cuts to production so that is causing all sorts of speculation.

“Those two factors combined are what’s driving up the price around the world.”

Mr Khoury said prices were expected to drop across the country between now and Christmas.

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