Petrol prices have climbed by 11 cents a litre in the past month, approaching record levels.
According to the Automobile Association, 91 octane petrol was selling for $2.21 a litre at the end of February, 11 cents a litre higher than at the end of January.
AA Petrolwatch spokesperson Mark Stockdale said that is the highest price since August last year when the price was 2 cents a litre higher.
Diesel prices have also been climbing, up 5 cents to about $1.55 a litre.
Mr Stockdale said the price of crude oil is at its highest level since April 2012 and is to blame for the rise in the retail price.
He said the imported cost of petrol has fallen overnight on Thursday and expected the retail cost to follow suit in the next day or so.
However, the international petrol market is extremely volatile and it is too difficult to predict whether prices would continue to fall over the coming weeks, he said.