Australian motorists are being urged to take advantage of falling petrol prices and fill up now to make the most of the “lowest levels we have seen for some time” before it is too late.
Prices across the nation last week were down almost 20 per cent from their July peak and experts say more price relief is on the horizon.
The national average pump price fell by 8.1c to $1.73 per litre last week, down from a recent peak of $2.12 in the first week of July.
NRMA spokesperson Peter Khoury said Australia was nearing the bottom of the price cycle, but warned it could soon jump back up.
“They’ve been falling now for several weeks in accordance with the price cycle, but they have definitely fallen to levels we haven’t seen for some time,” he told 7NEWS.
Khoury said Sydney had hit its cheapest average price since April, reaching $1.62 on Monday.
“We are almost at the bottom of the cycle,” he explained.
“But also, we know oil prices have been falling steadily since hitting those high points that we saw in June.
“The average in the middle of June for regular unleaded in Sydney was $2.19. It’s now at $1.62. That gives you an idea of how much oil prices have fallen.”
While motorists will welcome the relief at the pump, Khoury says it is not clear how long it will last.
“The falls are highly volatile … we have no idea whether they’re going to be sustained long term,” he said.
“What we do know is that over the last two or three weeks it’s been pretty consistent, driven largely by concerns about the global economy.”
While it has taken about 50 days for prices to fall this low, Khoury said it would only take a few days for them to jump back up.
“That’s just the unfortunate reality of price cycles nationally is that when they go down, they go down very slowly, and when they jump, they absolutely skyrocket,” he said.
“So, at some point in the coming days, possibly later this week, we will see that price cycle turn. And that’s why it’s really important for (motorists) to fill up today or tomorrow.
“Keep a very close eye because you’re going to see lots of service stations are below a $1.60.”
As for when motorists will see cheap prices again, Kheary says it depends on how long the next cycle is.
Here’s where to find the cheapest petrol in your postcode, as of Monday afternoon.
Real time fuel price tracker PetrolSpy says Sydney’s inner west boasts the cheapest petrol, with Payless Fuel in Sydenham offering $154.8.
Franks Automotive in Marrickville offers the second cheapest at $156.9.
Metro stations in Carlton and Collingwood are offering the lowest prices, with $157.9 and $159.9 up for grabs respectively.
A tank of unleaded will be cheapest at Puma Wilston, Grange Auto Care or Puma Grange, which are all offering deals of $159.5.
Motorists can find the petrol on offer in Adelaide at X Convenience Prospect and Woolworths Ampol Nailsworth for $153.5.
Motorists will get most bang for their buck at United Petroleum service stations in Northbridge, Mount Lawley and East Victoria Park, where prices are tied at $156.5.
The second cheapest suburb is Yokine, where Puma is offering $156.7.
Prices in Canberra are yet to plunge quite as low as the rest of the country, with the cheapest $179.9 at Metro Petroleum Fyshwick, followed by $182.9 at BP Fyshwick.
Drivers in Darwin face the most expensive prices, with FuelXpress Winnellie offering the cheapest deal of $189.5.
United stations at Darwin (Smith Street), Parap, Ludmilla, Winnellie Roadhouse and BP Winnellie are all offering prices of $195.5.
BP Moonah, Coles Express Moonah, Ampol Moonah and Ampol Central Moonah are all offering petrol for $176.9.
Extracted in full from: ‘Fill up now’: Aussie drivers urged to head to the petrol pump before prices skyrocket | 7NEWS