Oil prices have jumped to a record high, of $75 a barrel in trading on the US stock market.
The record comes as fears of instability in the major oil producing areas of the Middle East, Africa and Latin America continues.
The new high has been recorded as petrol prices continue to climb globally and in Australia.
Many Australians are currently paying around one dollar-forty cents a litre for unleaded petrol.
Retailers say there will be a delay before the rise in oil price will be reflected in Australian petrol prices.