Fuel prices have jumped substantially in recent weeks, in the wake of conflict in Ukraine.
Rabobank senior agricultural analyst Wes Lefroy said terminal gate diesel prices, as reported by the Australian Institute of Petroleum had hit their highest price on record by a considerable margin as of March 11.
Orders for winter crop inputs, such as fuel and fertiliser are currently being placed meaning farmers will be fully exposed to price increases.
Many Australian croppers use in excess of 100,000 litres of diesel annually.
There have also been reports of diesel thefts at a number of properties in the Murray Mallee during the past two months.
There have been calls for federal government to cut the fuel excise price.
Victorian MP Anne Webster and Queensland senator Susan McDonald want the 44 cents a litre excise cut to help reduce cost-of-living pressures.
Ms McDonald said 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," she said.
Independent SA Senator Rex Patrick has also called on Prime Minister Scott Morrison to cut the fuel excise tax, in the wake of New Zealand cutting its by 25c/L earlier this week.
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