Motorists across Australia are expected to see continued easing of petrol prices as crude oil continues to fall amid concerns global rate hikes will lead to slower economic activity.

According to the Australian Institute of Petroleum, the national average unleaded petrol price fell by 11.2 per cent to 192.9¢/litre last week after falling 8¢/litre the week prior.

The wholesale price is down 9.2¢/litre after falling 14.3¢ the previous week.

Metropolitan pump prices fell by 13.1¢ to 189.9¢/litre while regional prices fell by 7.3¢ to 199.0¢/litre in the past week.

CommSec reported on Monday the benchmark Singapore gasoline price has fallen $6.23, or 3.9 per cent, to a 22-week low of $155.29.

CommSec chief economist Craig James said there were still considerable savings to come for consumers and transport companies.

“Based on ‘normal’ gross retail margins CommSec would expect the national average price to ease to near $1.75 a litre in the next fortnight,” Mr James said.

“The good news for motorists is that crude oil prices have been falling on concerns that global rate hikes will lead to slower economic activity.”

Comparison website MotorMouth showed Perth has the cheapest daily average of unleaded petrol as of Sunday at $168.3 while Canberra has the most expensive at $214.8

Extracted in full from: CommSec expect petrol prices to ease further as average unleaded price falls 11pc | The West Australian

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