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Petrol prices in Melbourne set to jump

Drivers are being encouraged to fill up today with petrol prices expected to rise significantly over the next two days.

Finance expert Ross Greenwood predicted Melburnians had seen the last of the low prices around the $1 mark.

‘You’re going to see a big jump in petrol prices in Melbourne in the next day or so,’ he told Neil Mitchell.

‘Something unusual has happened in Melbourne and that is the independents have clearly gotten hold of the marketplace.

?’There have been record high profit margins for petrol station operators, quite clearly they didn’t pass on all the savings when the oil prices and international fuel prices fell.’

He estimated petrol would jump 20 cents a litre over the coming days. 

Click PLAY to hear Money News host Ross Greenwood explain more: