The confronting petrol reality Victorians could face this year

The chief economist at AMP has issued a grim petrol price warning.

Shane Oliver says there’s a “risk” petrol prices will reach $3 a litre in the foreseeable future.

“You’ve got the reality that global oil prices are still sky high,” he told Neil Mitchell.

“Unless something nice happens, such as an end to the war in Ukraine, there is a risk that we could see $3 by Christmas, assuming the fuel excise reduction of reversed.”

Currently, Mr Oliver says Melbourne motorists should be paying about $2 a litre.

“That’s what my analysis tells me,” he said.

Mr Oliver said those selling petrol for $2.20 a litre or higher are “profiteering”.

Press PLAY below to hear Mr Oliver’s warning