National petrol prices are likely to keep falling from their recent three-and-a-half year highs, offering relief to motorists facing long school holiday drives.
The national average price of unleaded petrol ticked up slightly to 150.8 cents per litre last week, according to data from the Australian Institute of Petroleum, but that’s still down on the 153.3 cents it hit at the end of May.
Commsec senior economist Ryan Felsman says, while last week’s 4.4 cent increase was the largest weekly increase in four weeks, the key Singapore gasoline price fell by the most in four months over the same period – which suggests the next move at Australian pump should be downwards.
Victoria, Queensland, WA and the NT all start school holidays on Friday, and Mr Felsman expects the prices to dip for most travellers.
“It looks like Sydney peaked six days ago, while Melbourne peaked on the weekend,” Mr Felsman said, while noting both capitals had seen increases of over 10 cents last week.
Sydney’s average was 149.5 cents on Monday, while Melbourne’s price was the highest of all mainland capitals at 157.1 cents.
Brisbane’s average price on Monday was still climbing, at 156.1 cents per litre.
Nonetheless, Mr Felsman said the Singapore gasoline price fell by 5.4 per cent to $US80.45 ($A108.38) per barrel last week.
Coupled with OPEC announcing a scaled-back increase in production last Friday, Mr Felsman believes Australian petrol prices will come down.
Extracted from News.com.au