New Zealanders could soon expect more pain at the petrol pumps, as experts predict petrol prices could rise dramatically at the start of next year.

Saudi Arabia and Russia, as leaders of the Opec Plus energy cartel, announced on Thursday they would limit oil production in a bid to raise prices, and combat western sanctions.

AA principal policy adviser Terry Collins​ says the move will have little impact on petrol prices in the short term, but serious pain at the pump will arrive for New Zealand early next year.

A range of issues happening at the same time meant petrol prices will 'very easily” surpass $3 a litre for 91 octane fuel in early 2023, Collins​ says.

Early next year is likely to be a peak for petrol prices and multiple geopolitical and domestic reasons are to blame, he says.

In December, the European sanctions against companies insuring the transport of Russian oil will come into force, greatly lessening the available oil on the market, he says.

Then in January, the Government's temporary fuel tax relief will end, adding around an extra $0.25 a litre to the price of petrol.

Shortly after this, in March, the peak of the European winter will increase the already high demand for energy globally, he says.

There's not a lot that individual drivers coan do to ease the pain at the pump, other than avoiding small unnecessary car trips, he says.

'Spring and summer are coming so get out of your car and walk down to your local. Other than that there is not a lot you can do. These increase in costs are across the industry, and unfortunately you just have to pay.”

Infometrics principal economist Brad Olsen​ says it's hard to predict what will happen to the price of oil because there's so many moving parts.

'When Russia announced its partial mobilisation of the Russian army we saw within 30 minutes the price of crude oil shot up two per cent. But within 24 hours the increasing interest rates announced by the US Federal Reserve sent interest rates down two per cent. There is a lot of volatility on both the up and down.”

There's one thing that could bring down the price of oil in this environment, and that is a global recession, he says.

'I don't think we should discount the fact that interest rates are rising rapidly across the developed world. If that does cause a global slowdown there are just not the same demands for fuel.”

But the swift Government action earlier this year when prices reached $3 a litre might reveal what it saw as too high a price, he says.

Whether it be increased petrol costs, or the lowering of petrol prices caused by a recession, there's little for average New Zealanders to be happy about moving into next year, he says.

'Yes there will be elevated pressure on fuel prices to remain higher, but it would be short-sighted to completely ignore the rising risks of the global economic situation, which could put some downward pressure on those prices.”

-Daniel Smith/Stuff.