Petrol is expected to crack $2 a litre in the next few days as the cut to the fuel excise comes to an end.
The scheme had saved motorists 16-cents a litre and had been introduced to off-set the rising price of oil.
Analyst Leurian Demillo at Macquarie University has told Nine he expects prices to soar over the next week.
“Over the next week, I’m expecting prices to go to around $2.30 a litre.”
Member for Wannon and shadow energy minister Dan Tehan told Sky’s News24 he supported the end of the excise discount.
“It’s given enough time to get our fuel supply in order,” he said.
“Hopefully we soon see a resolution to the conflict in the Middle East.”
Several petrol stations across the Geelong and Surf Coast area remain under $2, with $1.89 around the lowest for 91 unleaded, while diesel sits at around $2.32 in most locations.
