If you are running low on fuel, now might be a good time to fill up.

Petrol prices have plummeted on Australia’s east coast to the lowest level in more than 15 months, in a welcome New Year’s surprise.

Melbourne petrol prices are currently at $1.17 per litre, while average prices in Sydney and Brisbane are sitting at $1.16.

If you are running low on fuel, now might be a good time to fill up

Petrol prices have plummeted on Australia’s east coast to the lowest level in more than 15 months

The price of petrol is even lower in Perth, currently sitting at just $1.14, while prices in Adelaide prices plummeted to $1.11, according to price monitor MotorMouth.

Prices on unleaded, premium and diesel were gradually falling by one or two cents every few days.

The low prices are due to the strengthening of the Australian dollar and a downturn in the petrol pricing cycle, 9News reported.

The national dip in petrol prices follows a global trend whereby petrol prices worldwide have dropped to $60 per barrel, the lowest in months.

Extracted from Daily Mail