Liam Dann: Brace yourself for petrol at $3 a litre

That's a 25 per cent rise since its most recent low in February. It is a rise of about 90 per cent since the price hit rock bottom in January 2016. Photo / Natalie Slade

Never mind the local politics – regional fuel taxes and price inquiries - we're about to get a shock at the petrol pump.

Oil prices spiked to their highest level since 2014 last week as US President Donald Trump pulled out of the Iran nuclear deal and threatened to impose new trade sanctions.

By close of play on Friday Brent Crude Oil was trading above US$77 (NZ$111)