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Petrol prices down in time for the school run

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Eliza Bavin
·2-min read
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Hand refilling the car with fuel, close-up, Pumping equipment gas at gas station.
(Source: Getty)

Aussies on the school run can expect it to cost less to fill up the tank as an easing of fuel prices is set to continue for the next couple of weeks.

Unleaded petrol fell 1.6 cents per litre, according to the Australian Institute of Petroleum, with the price drop mostly felt in the cities which saw prices fall around two cents per litre, while regional areas saw a drop of 0.7 cents.

In Sydney, consumers are encouraged to shop around as prices are expected to continue to drop over the next fortnight.

However, Melbournians should hold off on refilling for the time being, as prices are expected to become cheaper within the next week.

“[Petrol]prices should continue to fall over the next week. Retail unleaded petrol prices are averaging near $1.42 a litre today, but prices could ease to around $1.30 a litre this week,” senior economist at CommSec Ryan Felsman said.

And prices in some areas are already at this level or lower - such as in Altona, Hoppers Crossing, Laverton and Seabrook in Victoria.”

Meanwhile, over in Brisbane, residents are being urged to fill up now ahead of an impending increase.

For investors this news is positive. Last week, global crude oil prices posted their biggest weekly gains since early March and as consumers start to fill up, crude oil investors will see returns.

“The release of solid US and China economic data and optimistic assessments about recovering consumption from OPEC producers and the International Energy Agency (IEA) strengthened market expectations for a recovery in global fuel demand,” Felsman said.

The news comes after the Suez Canal crisis came to an end with the Ever Given finally dislodged, reopening the canal for the approximate 3 million barrels of oil that passes through the key trade route each day.

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