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A spike in petrol prices to well above $2 a litre will hit hip pockets everywhere from the bowser to supermarket shelves, experts warn.

The warning comes as two Nationals MPs call on the federal government to cut the fuel excise as petrol prices continue to climb towards $2.20 a litre due to global pressures including the Ukraine-Russia war.

Petrol prices have hit an eight-year high due to the Organisation of the Petroleum Exporting Countries refusing to boost crude oil production, according to Australia's consumer watchdog.

"The world was already experiencing high crude oil prices late last year due to the continuing actions of the OPEC and Russia cartel, and the enduring northern hemisphere energy crisis," ACCC chair Rod Sims said.

"The shocking events in Ukraine have forced crude oil prices even higher, as Russia is a major supplier of oil."

The NRMA's Peter Khoury says the increase will inevitably be passed on to consumers through other goods as well with truck fleets now paying more than double the average price of fuel compared to April 2020.

"Diesel is the fuel that our economy runs on. Farming, agriculture and mining, transport, small businesses that run fleets," he told the ABC on Monday.

"This is coast to coast and we have never seen anything like it in history. Your family will feel it at the bowser, in the supermarket aisles and everywhere else."

Queensland senator Susan McDonald and Victorian MP Anne Webster want the 44-cents per litre excise cut to help reduce cost of living pressures.

Senator McDonald says the government should also look at pausing at least a portion of the excise.

"We just can't afford to absorb the prices that we're looking at currently," she told the ABC.

Ms Webster has contacted Treasurer Josh Frydenberg about providing relief at the bowser.

The government is also facing pressure from Liberal premiers over the tax with NSW Premier Dominic Perrottet, South Australian Premier Steven Marshall and Tasmanian Premier Peter Gutwein supporting a cut.

But one of Australia's key economists says excise is not a lever the government should pull to ease prices.

Deloitte Access Economics' Chris Richardson told Sky News the extra billions going back into the economy would push interest rates and inflation up faster.

"People would lose (the money) in terms of higher prices, higher interest rates - this is not an easy fix because there is not an easy fix to be had," he said.

While not ruling out a cut to the excise ahead of the federal budget being delivered on March 29, Prime Minister Scott Morrison says any cut might not make a difference given petrol prices have risen from around $1.70 to $2.20 - more than the full cost of the excise.

Senior Liberal MP Tim Wilson said the tax was there to pay for roads and any cut would need to be balanced against a loss of revenue for the government.

The fuel excise is expected to raise almost $50 billion over the next four years, with almost $47 billion to go toward land transport projects, according to the Australian Automobile Association.

Mr Wilson said releasing fuel reserves would only be a temporary solution if global instability underpinned by Russia's invasion of Ukraine caused the price of oil to soar.

Australia joined 30 countries in releasing a combined 60 million oil barrels from reserves to stabilise prices after Russia's invasion of Ukraine caused a spike in prices.

Thirty million barrels of oil will come from the US strategic reserve.

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Labor leader Anthony Albanese is now on par with Scott Morrison as preferred prime minister with the latest Newspoll revealing that voters remain discontent with the federal government.

Labor continues to lead the two-party preferred vote 55 to 45 per cent against the coalition, and leads on the primary vote 41 to 35 per cent.

Both leaders are now level as preferred prime minister on 42 per cent after Mr Albanese increased two points, with 16 per cent remaining uncommitted ahead of the upcoming federal election, expected in May.

But the prime minister is becoming less popular, with his approval rating dropping two points to 41 per cent, while maintaining a disapproval rating of 55 per cent.

This is compared with 44 per cent for Mr Albanese's approval rating, and 42 per cent disapproval rating.

Deputy Prime Minister Barnaby Joyce was nonchalant about the poll, saying Australia is going through "precarious times".

"The Australian people have to make a choice of who is more likely to make the nation as strong as possible as quickly as possible," he told the Seven Network.

Trade and Tourism Minister Dan Tehan says Australians are starting to regain confidence about being able to travel again and live freely.

"People are starting to realise although it has been tough over the last two years, Australia has done remarkably well," he told the ABC.

"One of the other things I am picking up is the leader of the opposition is a complete unknown out amongst the general populace."

The prime minister is desperately trying to make up the ground, visiting a manufacturing facility in Wyong, along the NSW central coast, on Monday.

The plant is in the seat of Dobell - held by Labor on a slim 1.5 per cent margin - where the Liberals recently announced cardiologist Dr Michael Feneley would be their candidate.

Mr Morrison is also expected to campaign later this week in the newly-reopened Western Australia, where the government is at risk of losing several seats.

Meanwhile, Mr Albanese is hitting the hustings in Townsville on Monday, touring the port with his infrastructure spokeswoman and candidate for Herbert, which is held by the LNP on an 8.4 per cent margin.

Labor has been campaigning hard on the cost of living with soaring petrol prices hitting household hip pockets.

The government remains under pressure to cut the 44 cents a litre fuel excise to ease pressure at the bowser with petrol prices sitting around $2.20 a litre.

Relief could be announced in the budget due to be delivered on March 29.

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The rising cost of living has shaped up to be a major issue ahead of the federal election, as Prime Minister Scott Morrison aimed to shift debate back to the economy.

It comes as Opposition Leader Anthony Albanese has drawn level with Mr Morrison as preferred prime minister, with Labor retaining a two-party preferred lead of 55 to 45 per cent in the latest Newspoll.

Both leaders sit on 42 per cent for preferred prime minister, with Mr Albanese increasing by two points, while 16 per cent remain uncommitted.

Campaigning in the marginal seat of Dobell on the NSW central coast, Mr Morrison said the handling of the economy would be crucial to help dealing with cost of living pressures.

Cost of living has been thrown back into the spotlight as an election issue following a rapid rise in petrol prices in the wake of Russia's invasion of Ukraine.

"This next election is about a choice, about our economy and how we can best manage our economy to manage a better future," Mr Morrison told reporters on Monday.

"These cost of living impacts are real and the Australian government understands that."

Dobell is a crucial seat for the coalition to win, held by Labor's Emma McBride on a margin of 1.5 per cent.

The prime minister was campaigning in the seat alongside the Liberals' newly selected candidate for the electorate, cardiologist Dr Michael Feneley.

Despite Dr Feneley not being the prime minister's preferred candidate for the electorate, Mr Morrison said the seat was "spoilt for choice" when it came to candidates.

Meanwhile, Mr Albanese was out campaigning in Townsville in the electorate of Herbert, a Liberal-held seat that sits on a margin of eight per cent.

Despite the recent Newspoll result, the opposition leader said winning the election would still be a tall order.

"We know that it's a mountain to climb for Labor to win office from opposition, we've only done it three times since the Second World War," he said.

"It's really tough, and if anyone takes a lesson from the last 2019 campaign, it's that you shouldn't worry about polls before election day."

Mr Albanese said he would be campaigning on reducing cost of living expenses.

"At the moment, families are under massive pressure, everything is going up ... except people's wages, which is why people are really, really struggling."

Mr Morrison will head to Western Australia later this week, the first time the prime minister will visit the state since it reopened its hard border to the rest of the country.

WA Labor MP Patrick Gorman said the visit would be a difficult one for the prime minister.

"The prime minister has an apology tour of WA each year ... it is going to be tough for him," he told Sky News.

© AAP 2022