Sophie Elsworth, 29 January 2016
DOLLAR petrol like dollar milk is here to stay, experts predict.
The lowest prices of unleaded fuel in the main capitals is tipped to remain around the $1 per litre mark for several months yet, giving households continued relief at the bowser.
Motorists have revelled in the rock-bottom prices at the pump in cities including Melbourne and Sydney and it’s not over yet, while motorists in Brisbane and Adelaide can also expect to see lows around the $1 to 110¢ mark through until March.
Low crude oil prices, a stable Australian dollar and competitive petrol markets has resulted in customers seeing lower petrol station pricing in recent weeks.
Despite prices starting to take an upward turn late this week, Motormouth spokesman Alan Cadd said the bowser deals would be likely to see these low points around for the next few months.
“I would suggest that the prices we are seeing at the pump, around about high 90 cents to the just under $1.20 is going to be the norm for the forsseable future,’’ he said.
“Economic times are tough and this is taking a bit of weight off the budget, if you are paying $1 now compared to a couple of months ago when you were paying $1.25 per litre, your petrol bills are 25 per cent cheaper.’’
Motormouth’s average metropolitan prices yesterday saw unleaded fuel at the following prices:
Melbourne 101.7¢ per litre, Sydney 106.5¢, Brisbane 112.9¢, Adelaide 118.8¢, Darwin 124.5¢, Hobart 125.9¢, Perth 116.3¢ and Canberra 120.4¢.
Meanwhile the wholesale price for unleaded fuel in Sydney yesterday (FRI) was $1.02¢.
NRMA spokesman Peter Khoury said motorists should expect to see more competitive petrol pricing deals in the coming weeks.
This is why you will get cheaper petrol in 2016
“We have already started the next cycle and it should larger mirror the previous cycle so we should really see some bargains in the market,’’ he said.
“While the prices will go up they will come back down again.”
However he said the smaller capitals including Hobart, Darwin and Canberra would be unlikely to see the average petrol price around $1 per litre.
The larger capitals should see an average of around $1 per litre which means numerous petrol stations would again sell fuel under the $1 mark.Australasian Convenience and Petroleum Marketers Association chief executive officer Mark McKenzie said the outlook on petrol pricing remained promising for motorists and was putting more money back in their pockets.
“In the coming months the outlook is pretty good for the price to stay at the bottom of the price cycle and stay fairly low particularly in Sydney and Melbourne, there’s the fiercest competition in those markets,’’ he said.
But St George senior economist Hans Kunnen said these $1 lows were “unsustainable” for long periods in 2016.
Extracted in full from News.com.au.