As the war in Ukraine continues, wholesale prices of oil are going through the roof, and that surge is now being felt on the forecourts of service stations in the ACT.

By late Thursday afternoon, the price in Canberra ranged from 185.9c a litre at the Metro garages in Fyshwick up to 209.9c at the Coles Express in Curtin (a difference of $3.50 for a 25 litre tank).

Many petrol stations were hovering around 199.9 as though reluctant to break the barrier - but with no doubt that the only way was up.

The price increase means that by shopping around a driver could save an average of about $6 on a tank.

On Thursday, the average price of basic unleaded in Canberra was 196.5c a litre. At the end of January, it was 171.1c.

"We are now seeing the impact of the wholesale price increase flowing through to the Canberra market," according to Mark McKenzie, chief executive of the Australasian Convenience and Petroleum Marketers Association which represents petrol stations.

"It always pays to shop around but at this time, it's crucial to shop around," Mr McKenzie said.

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He said that the rise in the price of wholesale petrol (the price the servos pay for it) meant that each individual proprietor was paying around an extra $6500 for a tanker load and might go through a tanker a day.

The latest jump in the price of crude oil (which is refined into petrol and diesel) came after US President Joe Biden announced the banning of Russian oil and gas imports in what he termed as a "blow to Putin's war machine".

Russia, the second-largest exporter of oil globally, has threatened to push prices up by cutting supplies to Europe in retaliation to heavy sanctions levelled against it.

Mr McKenzie said that one solution - short of an inconceivable quick end to the war - was for the OPEC oil producers to ramp up their production to fill the gap left by Russia (which is not a member of the oil producers' cartel).

Another possible development would be for the United States and Iran to resume the agreement on Iranian nuclear development. A deal would bring Iran - and Iranian oil - back into the world economy.

But there was little hope of such a respite for Canberra's drivers. The NRMA believes that petrol at more than $2 a litre will remain while Russia's invasion of Ukraine continues.

Its spokesman Peter Khoury said the price drivers were paying was unprecedented: "In Australia, most capital cities by the end of this week or early next week will see two dollars a litre on average."

"That's the first time it has ever happened. There's really no end in sight."

Th NRMA wants the ACT government to pass law compelling servos to publish prices so drivers can compare them across the territory. At the moment, there is an unofficial website but it depends on information from the public.

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