Petrol prices still rising

The price of petrol nationally has hit an eight-month high of $1.24 a litre on the back of higher oil prices.

The biggest hike was in Tasmania where the average price rose by 2.5 cents to $1.29, fresh data from the Australian Institute of Petroleum shows.

Commonwealth Securities economist Savanth Sebastian warns there is more pocket pain coming for motorists.

"CommSec expects pump prices to jump by a further five cents a litre in the next fortnight," Mr Sebastian wrote in a market update.

"In Australian dollar terms, Singapore gasoline rose from $98.15 a barrel to $98.50 a barrel over the week."

Crude oil rose to an eight month intraday high of $73.23 a barrel earlier this month on investor optimism that the US economy, suffering through its worst recession in decades, may bounce back by the end of the year.

However, recent economic data has been mixed and reflects an economy still struggling to right itself.