AAP  |  JULY 31, 2015 9:43PM

PETROL prices are expected to fall over the remainder of the year from recent highs driven by a shortage of supply in Asia.

WESTPAC senior economist Justin Smirk said there is some truth in suggestions the Singapore refining market has been surprised by a jump in demand for specific standards of gasoline required in the Australian market.

That jump has been caused by the closure of most of Australia’s oil refineries.Mr Smirk said Asian gasoline supply would increase in the coming months and Australian petrol prices will again be driven by crude oil prices, the value of the Australian dollar and refining margins.”Westpac is forecasting crude oil prices to track sideways this year, which along with a broadly flat Australian dollar around 72 US cents means crude oil prices should have little impact on Australia petrol prices until crude prices start to rise again in 2016,” he said.”Given the above, we do see Australian petrol prices coming down through the rest of 2015 and into 2016 as the refining margin for gasoline narrows to more normal levels.”

Extracted in full from; theaustralian.com.au