The average price of unleaded petrol is set to soar beyond $1.74 per litre in coming days.

NRMA spokesperson Peter Khoury told Jim Wilson the average has already hit $1.72 in recent hours, and “the short term forecast is frightening”.

“It’s a combination of factors.

“The first, and the most critical really, is that oil prices globally have been … increasing consistently in 2021, but certainly in the last two weeks they’ve really jumped to … eight year highs.

“There is no relief in sight.

“We have these artificially high prices, coupled with the fact that we’re now at the high point of the Sydney price cycle.”

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