The toll cap would be in place for two years and will commence on January 1, next year.
Opposition Leader Chris Minns said the cap, which will be administered by Service NSW, would be on top of the existing toll rebate and M5 cashback schemes.
“Under Labor, motorists get more and better toll relief,” he said.
Professor Allan Fels, former chairman of the Australian Competition and Consumer Commission (ACCC) will also lead an overhaul of the toll network.
He said the restructure would result in drivers paying less to use Sydney’s motorways.