Petrol prices in Melbourne have jumped by as much as 50 cents per litre in 24 hours, with most fuel now sitting at $2.19 per litre. Some analysts predict prices could climb as high as $3 per litre due to the war in the Middle East, though experts urge motorists not to panic buy despite concerns about Australia's 36-day fuel supply reserve. The ACCC will monitor retailers to prevent price gouging as drivers are advised to use fuel tracking websites to find the best deals.

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