CANBERRA: For the first time in six years, petrol has dropped below $1 a litre in some parts of Sydney and it may further get lower.
The chief executive officer of the Australasian Convenience and Petroleum Marketers Association, Nic Moulis, said he was not surprised the price had dropped because it had been on the way down since before Christmas.
The market has been making its way down since the pre-Christmas period, and with international factors such as a glut of oil, it’s definitely good news for motorists – especially over the school holidays,” he said.We’ve continued to see a fall in crude oil prices, and now it’s had a flow-on to refined oil, which gives us lower fuel prices.
With petrol, it’s a case of ‘buy it when you need it’, so motorists should be enjoying the rewards of what’s been going on overseas.”National Roads and Motorists’ Association (NRMA) spokesperson Peter Khoury said E10 petrol had dropped to 99 cents a litre at Metro petrol stations in the inner-south west suburbs of Hurstville, Tempe, Revesby and Blakehurst.The NRMA said that price was the lowest in six years and Mr Khoury expected it to fall further over the next few days.He added the best advice he could give motorists was to shop around for the best price.In Sydney, it’s often cheaper (than the rest of Australia) because we have more independents putting downward pressure on prices,” Mr Khoury said.
But he said Adelaide had the cheapest petrol in Australia not so long ago, while Melbourne was on par with Sydney.Mr Khoury said the average price of petrol in Sydney today was $1.12 a litre, but that could drop to an average of $1.10 a litre over the next few days.Petrol companies are still making a couple of cents a litre at that price,” he said.And at 99 cents, some companies are taking a hit, but hope to make a profit when prices go up.
