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Petrol pump savings expected on regional oil price fall
05/06/2012 - Motorists can expect to see savings at the petrol pump in the next fortnight following drops in the regional oil prices, an economist says.
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The average unleaded petrol price fell 1.7 cents to 146.8 cents a litre in the week ending June 3, according to new data from the Australian Institute of Petroleum.
The national weekly metropolitan retail price was down by 1.9 cents to 142.5 cents a litre, while the weekly regional price fell by 1.1 cents to 150.5 cents a litre.
Chief economist Craig James said Commsec expects petrol prices to keep dropping.
"The national retail petrol price should ease another two cents over the next 7-10 days and, given that Asian regional gasoline prices are still falling, there is further good news ahead for motorists," he said in a statement on Monday.
"In some capital cities, petrol signboards could show 128 cents a litre by late this week."
Australia's fuel prices are based on the Singapore benchmark cost as the city-state is the regional refining and distribution centre.
In Australian dollar terms, James said the Singapore gasoline price fell by $3.29 (or 2.7 per cent) last week to a six-month low of $117.58 a barrel.
Last week, Melbourne had the cheapest petrol, down 5.3 cents a litre to 136.6 cents a litre.
Darwin had the dearest unleaded fuel, down of a 0.1 cent to 157.8 cents a litre.
The average price of unleaded petrol fell in all cities bar Adelaide, up 0.4 of a cent to 143.4 cents a litre.
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