Australia's gasoline and diesel prices hit their highest levels since March as Middle East hostilities pushed crude oil to a two-month high.

Economists’ warning comes as escalating Middle East crisis pushes global crude oil back above $US100 a barrel

Fuel monitoring website Gaspy on Monday morning reported the average price of a litre of 91 petrol was now exactly $3, up about 9 cents a litre over the past 28 days.