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Petrol tipped to drop by 4c/l in fortnight

 

The price of petrol is tipped to fall by up to four cents a litre in the next fortnight, after a similar fall last week.

Commsec economist Savanth Sebastian said on Monday the key Singapore unleaded price had dropped by 10 cents a litre in the past three weeks.

"The terminal gate, or wholesale price, of fuel has fallen by nine cents a litre over the similar period, while the domestic pump prices have fallen by only five cents in the past fortnight," he said in a statement.

"Given the flow-through effects, motorists are likely to enjoy further news in coming weeks, with pump prices likely to fall a further four cents a litre."

According to the Australian Institute of Petroleum, the national price for unleaded petrol dropped 4.4 cents to 144.4 cents a litre in the week ended November 4.

The metropolitan price fell 5.7 cents to 141.9 cents a litre, while the average regional price fell 1.7 cents to 149.7 cents a litre.

Sydney had the cheapest average unleaded petrol of the major cities last week, down 5.4 cents to 139.3 cents a litre, while Darwin was the dearest, down 0.1 of a cent to 162.5 cents a litre.

Mr Sebastian said petrol is the largest weekly purchase families make, with the household monthly fuel bill dropping by $6 to $173 in the past two weeks.

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