Why petrol could soon cost as much as $3 a litre

There are fears Melbourne motorists could soon be slugged as much as $3 a litre for petrol, as international oil prices skyrocket.

Most outlets are still selling fuel for less than $2 a litre, but that could seem a bargain by the middle of the year.

Petroleum Marketers Association CEO, Mark McKenzie, says motorists will be slugged as wholesale prices soar.

“In the last week, it has gone up 25 per cent, from $106 to $132 a barrel,” he told 3AW Breakfast.

“If you look at a curve, it’s basically going straight up.”

Press PLAY below to hear him discuss the issue

Picture: Getty iStock