Cuts to global supply coinciding with school holidays sends prices up to $2.38 a litre

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The price of petrol has hit record highs in Brisbane, with Sydney and Melbourne warned of price spikes to come, as cuts to global supply coincide with school holidays.

RACQ principal economic and affordability specialist, Ian Jeffreys, said Brisbane’s new peak price of $2.38 cents for a litre of regular fuel was the highest ever seen in the city, and outstripping current high prices of $2.29 a litre in Sydney and Melbourne.

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