Two days don’t make a trend, but is this the first step towards fuel price relief?
Following weeks of near-daily increases in petrol prices, are we finally seeing a turnaround?
The national average price of 95RON unleaded has dropped for the second day in a row, for the first time since early April. Prices peaked at $2.24 per litre earlier this week and have reduced slightly to $2.22 per litre.
Only Tasmania and Northern Territory prices remain at peak levels with all other states noting a small, but welcome drop in fuel price.
As noted by Drive earlier this week, global crude oil prices have dropped some 20 per cent in recent weeks, which may be the driver to seeing a reduction in prices at the bowser.
The changes are only minor at this point, with a net increase of $0.30 per litre since May 1 now reduced to $0.28, a change of seven per cent.
Crude prices have rebounded slightly, from a low of $UA98.53 per barrel on July 6 to $US104.79 today, but are still well down on the recent peak of $US119.78 on June 8.
We’re hoping to see some local impact of this price change finally provide prolonged relief for Australian drivers.
James has been part of the digital publishing landscape in Australia since 2002 and has worked within the automotive industry since 2007. He joined CarAdvice in 2013, left in 2017 to work with BMW and then returned at the end of 2019 to spearhead the content direction of Drive.