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Petrol prices are on track for the biggest quarterly rise in almost 25 years.
The nation's drivers are paying an average 30c more per litre for fuel than at the start of this year, adding an extra $21 to the cost of filling up a standard sedan, CommSec research shows.
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Senior economist Craig James said tumbling pump prices in early 2015 had evaporated, denting confidence.
The bad news is that the early February low point for pump prices is now a distant memory
"The good news for motorists is that petrol prices are still down on a year ago. The bad news is that the early February low point for pump prices is now a distant memory," Mr James said.
"After falling by 12.2 per cent in the March quarter, the petrol price is currently up by 13.1 per cent in the June quarter," Mr James said.
"Petrol is on track to the biggest quarterly increase in 24.5 years (since the December quarter 1990)." Melbourne's unleaded prices yesterday averaged 141.7c a litre. The national average wholesale cost was at a seven-month high of 131c a litre.
Motorists rejoiced in the new year when prices fell to as low as $1 a litre for the first time in six years due to an international fuel glut. Mr James said the world was still well supplied with fuel.
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