THERE is no silver bullet to bring down the price of petrol, Prime Minister Kevin Rudd said.
With fuel prices passing $1.60 a litre and the Federal Opposition calling on the Government to take action, Mr Rudd said measures had been put in place to restrain fuel prices, such as the adoption of a national monitoring scheme.
He said the Federal Budget also had provided a package of tax cuts and other measures to help families with day-to-day costs.
"If you put all those measures together, depending on the family, depending on the number of kids, depending on where they fit in the overall scheme of things, we have done as much as we physically can to provide additional help to the family budget, recognising that the cost of everything is still going through the roof," the Prime Minister said in Adelaide.
"The cost of food, the cost of petrol, the cost of rents, the cost of childcare.
"What we`ve tried to do is say here`s a helping hand with what we can do for your taxes and your childcare rebates, etcetera, while recognising that prices are still going up."
Ahead of Mr Rudd`s comments, the price of oil struck new highs - reaching $US134 a barrel in Asian trade this morning - prompting a warning from one motoring organisation that the worst is yet to come.
At the same time petrol has pushed through the $1.60 mark in some capital cities, while diesel hit $1.80 a litre.
Opposition finance spokesman Peter Dutton has called on the Government to act.
"The Government has been full of rhetoric about reducing petrol prices," Mr Dutton said.
"Mr Rudd promised Australians cheaper fuel, and as we watch prices rocket past $1.60 per litre in some capital cities, it is time for him to act."
