How quickly things change. Just six months ago, Sydneysiders were revelling in the global oil rout, pumping refined black gold into their cars for 99 cents a litre.
On Wednesday, the NRMA advised motorists to fill up before the weekend, with a 15-cent rise expected to hit bowsers by Friday, which is almost 50 cents more per litre since January.
The price is expected to approach, but fall just shy of, the $1.50 mark on average, a steep jump from the cheapest bowser price of $1.23 at Hurstville Metro petrol station on Wednesday.
"We hit a $1.50 average a few weeks ago and that was the highest we'd seen in a few months. We don't think it will get to that [this time]," NRMA spokesman Peter Khoury said.
The Australian market is influenced by a volatile and highly unpredictable price cycle, whereby the average price of petrol climbs before dropping, and the cycle begins anew.
Recently, the cycle has shortened to just two weeks but sharp spikes at the beginning of the cycle have become more frequent this year, Mr Khoury said.
"Nowhere in the world has this sort of pricing structure. We believe largely it's a marketing strategy by the oil companies."
The strategy is based on discounting prices at the beginning of the cycle and then raising prices to compensate as oil companies look for an opportunity to get their money back.
For those who can ride out the end of this cycle, the price is expected to shave 2 cents to 3 cents in the next cycle.
"If this fortnightly trend continues, then in a couple of weeks we should see the average price get down to $1.28," Mr Khoury said.
As the Sydney market has an abundance of independent stations, further bargains can always be had by shopping around, he said.
In January, advertising boards on petrol stations across Sydney spruiked 99-cent petrol for at least a week, as a global oversupply of petrol drove prices down by more than 50 cents a litre from a $1.55 peak in July 2014.
It was the first time since December 2009 that Sydneysiders had regularly fuelled up at sub-dollar prices.
"No one saw it coming and, when it did, it was great while it lasted, but it's certainly not something we're predicting [to happen again] in the short term."
