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BORDER motorists are tipped to enjoy an added Christmas bonus, thanks to falling fuel prices.
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The NRMA said the pump price had dropped almost 25 cents since July and it expected the fall to continue.
“We can expect to see retail petrol prices continue to drop over the next three or four weeks in line with current market conditions,” Fiona Simson, NRMA’s western NSW director, said.
“Albury’s prices have dropped from a high of 150 cents per litre for unleaded petrol in July to 126.8 (today).
“Albury continues to have fairly low prices – it ranked 12th on the NRMA’s Bowser Busters list of cheapest petrol in the state over the past weekend (25th October).
“Wagga typically has slightly higher prices than Albury – they’re currently about five or six cents more expensive but we can still expect a fall in petrol prices for Wagga motorists given what’s happening with the global market.”
Stockbroking firm Commsec said the key petrol pricing benchmark for Australia, Singapore gasoline, last week fell by $2.77 a barrel, or 3.2 per cent, to $84.41 a barrel – a 9-month low.
It’s been a great three months and we see better days ahead
- Savanth Sebastian
“It’s been a great three months and we see better days ahead for motorists,” Commsec economist Savanth Sebastian said.
“The Singapore unleaded price is sitting at a nine-month low … good competition is driving down the pump price and the Aussie dollar is holding up well.
“It bodes well for Christmas. With the low dollar and petrol prices we may see more interstate travel these holidays and extra money in the wallet hints at a stronger period for retailers.”
Unleaded petrol was selling in Melbourne for about 114c a litre on Wednesday, below the wholesale price (115.3c).
The price for unleaded in Sydney ranged between 118c and 138c during the past price cycle.
Last week in Wodonga unleaded was 125c, it was 129.9c in Wangaratta.
“Similarly, diesel prices have also been falling, and we should expect to see continued falls in the coming weeks,” Mrs Simson said.
“The NRMA’s advice for motorists is to shop around and where possible, support the independent stations to help keep the majors honest by supporting a competitive market.”