8-week petrol price slide has 'run its course': economist

10/07/2012 - A recent slide in petrol prices may have run its course with international oil prices on the rise again due to renewed tensions in the Middle East and an oil strike in Norway.

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The Australian Institute of Petroleum's weekly petrol price report shows in the past week the national average for unleaded petrol fell a further 1.4 cents a litre to 133.9 cents.

The metropolitan average declined 1.1 cents a litre to 130.7 cents, while the regional average dropped 2.2 cents to 140.2.

CommSec economist Savanth Sebastian said petrol prices have fallen for eight consecutive weeks, with the national price dropping by over 18 cents.

"It's been a great run for motorists but it's all about to come to an end," he said.

Sebastian said the rise in international prices have already seen wholesale prices rebound from 19-month lows, rising three cents over the past week.

CommSec believes this price rise will filter through to domestic pump prices, and could see an increase of two cents a litre in the next fortnight.

Source: AAP

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