Australians are being warned petrol prices will soar amid the heightened situation between Russia and Ukraine.

The United States has joined European nations in imposing sanctions on Russia.

Senator Rex Patrick is calling on the Prime Minister to temporarily halve the fuel excise.

“We can reduce fuel prices by about 23 cents a litre,” he told Ben Fordham.

Press PLAY below to hear the full interview

Finance expert Peter Switzer has told Ben Fordham E10 petrol could reach over $2 a litre.

“Farmers could experience problems because fertiliser comes out of Russia, that becomes more expensive.

“If inflation goes up quicker than the Reserve Bank wants, they’ll raise interest rates earlier than they want and they might give us more.”

Press PLAY below to hear the full details

Image: Getty