Australian motorists are finally seeing some relief at the petrol pump, new analysis shows, as steep falls in global oil prices start flowing through to service stations, wiping roughly 20¢ a litre off local fuel costs so far this month.
For the first time since August, average petrol and diesel prices have started to tumble nationwide, driven by a sharp 20 per cent drop in the cost of Tapis Crude, Australia’s regional oil benchmark, over the past fortnight.
NRMA figures to be released today show the national average for regular unleaded has fallen by almost 22¢ since late October to $2.23 a litre. Diesel prices, meanwhile, have fallen by more than 20¢ to $2.71 a litre. At some service stations, unleaded has now dipped back below the $2 mark.
The price retreat comes as markets are responding to a long-awaited lift in Middle East oil shipments and signs that Donald Trump wants to de-escalate the Iran war following his party’s heavy losses in the United States midterm elections.
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Source: The Sydney Morning Herald · Emily Kaine
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