Some relief at least could be on the way for budget-conscious grey nomads struggling with the spiralling costs of taking on the Big Lap. According to recent media reports, fuel prices should fall by up to four cents a litre in the next fortnight.
Regional oil prices have plunged by nearly $US8 a barrel in the past two weeks and lower wholesale pump prices should ensure petrol prices ease further in the next seven to 10 days.
“When you take into consideration that the Aussie dollar has trekked modestly higher over the same period, it certainly points to a pretty sharp fall in pump prices,” said Commsec economist Savanth Sebastian in a statement.
The average price of unleaded petrol fell 0.1 of a cent to 151.6 cents a litre in the week ending April 22, according to Australian Institute of Petroleum figures. The national weekly average metropolitan retail price fell by 0.2 of a cent to 150.5 cents a litre, while the national weekly average regional retail price rose 0.1 of a cent to 153.7 cents a litre.
The Herald Sun newspaper reports that Australia’s fuel prices are based on the Singapore benchmark cost as the city-state is the regional refining and distribution centre.
The paper says that, last week, the key Singapore unleaded petrol price fell by $4.61 (3.5%) to $126.98 a barrel. Sydney had the cheapest average weekly price for unleaded petrol last week -down 1.6 cents a litre to 148.1 cents a litre. Darwin remained the most expensive city for unleaded petrol, up 0.1 of a cent to 158.7 cents a litre.
The weekly fuel bill for Adelaide motorists rose last week as the weekly average price for unleaded petrol surged 13.4 cents a litre over the previous week. The average price of unleaded petrol fell in Sydney, Melbourne, Brisbane, Perth and Hobart. Adelaide, Canberra and Darwin had rises in the average unleaded price.
