According to the Australian Institute of Petroleum, the current average weekely fuel price of $1.24 per litre is the nation’s lowest in six months. And economists are saying prices are going to drop even further.
The Australian Institute of Petroleum says the past week’s average fuel price has dropped 0.8cent/litre compared to last week making it the lowest price it has seen in six months. They also say the metropolitan average is just 112.5 cents per litre while the regional average sits at 126.9 cents per litre, calculated from a national perspective.
Savanth Sebastian, Commonwealth Securities economist, said in a recent Bigpondnews report,
“Motorists are likely to enjoy the cheaper fuel for a while yet, especially if the dollar manages to hold its recent lofty level, above 90 US cents. The strength of the Australian dollar over the past few months has been instrumental in keeping domestic pump prices lower.”