Motorists Enjoy Drop In Petrol Prices

[937]

Motorists enjoy drop in petrol prices

AAP, 29/08/06

Motorists are enjoying a drop in prices at the bowser, although the petrol retailers' group warns the reprieve may be short-lived.

Service Station Association (SSA) chief executive officer Ron Bowden on Tuesday welcomed a drop in petrol prices, which have fallen in Sydney from last week's highs of more than $1.40 to about $1.20.

"This is a welcome respite from the recent high prices we have had," Mr Bowden said.

"Everyone is happy about this. High fuel prices don't do anybody any good except the oil developers."

But with reports that soaring fuel costs were hitting some families so hard they could no longer drive their children to weekend sport, Mr Bowden also warned against premature celebrations.

Asked if the lull in petrol prices would continue, he replied: "It is impossible to predict petrol prices".

But all the factors that had contributed to skyrocketing petrol prices were still there, he said.

"We still have speculators coming in and out of the market, we still have tension in the Middle East, we still have hurricanes in the Gulf of Mexico and there are still problems in Nigeria," he said.

"We still have all these things that affect petrol prices and they haven't changed."

On the positive side, Mr Bowden said speculators who had built the market up during the conflict in Lebanon had "exited the market", while supplies of crude oil had increased.

The NRMA's online Petrol Watch said the lowest price for petrol in the Sydney region, at 11.30am (AEST) on Tuesday, was $124.9 at Penrith, Revesby and Werrington.

The average price of petrol was $128.4 in Sydney and $130.8 in Melbourne, where the lowest price was $127.7 at Carrum Downs, the Royal Automobile Club of Victoria (RACV)website said.

CommSec chief equities economist Craig James on Monday said the price of petrol could drop to $1.15 before the festive season.

Earlier this month, Prime Minister John Howard predicted the petrol price would settle to about $1.15/$1.20.

[LTS60]

[Fat-Tony]

Yeh I noticed this, I managed to fill my car up on optimax extreme for under 100 dollars which I thought odd as just last week it cost me more for boost 98. Lets hope the bloody prices stay this way

[seventytwo]

now we just have to knock of another 30c off the price

[xr6 typhoon]

but how long will it last!

[SAMSXR6T]

yeah

[Lumpen]

Isn't it great! They've got the general public thinking $1.25 is a respite and $1.15 would be dirt cheap...

You can't remember cheap fuel unless you remember One'n'Thruppence a Gallon....lol

Lumpy

[1axr]

:grininvasion:

[HellionXR6T]

Pity it aint dropping up here? Sydneys prices are cheaper then ours.

[mickey_gee]

im going to start riding my pushy. ill get fit..... or have a heart attack!