Last week’s high of 172.9 cents per litre has dropped across all fuel outlets, with the vast majority selling regular unleaded for 169.9 cents per litre late yesterday.

Last week an NRMA spokesperson predicted the price of petrol would drop as the lag from falling crude oil prices made its way into current prices.

Generally it takes between seven and 10 days for a significant fall in oil prices to result in a noticeable drop in bowser prices.

Last Friday the price of oil reached its lowest level in more than six weeks when it dropped below $130US a barrel.

While most of the city’s outlets were fixed at 169.9 cents per litre yesterday, there was a little bit of value to be found.

The Bogas service station near Orana Mall was the cheapest at 168.4 cents per litre, with Caltex on Erskine Street the highest at 170.9 cents per litre.

Diesel prices were mainly fixed at 191.9 cents per litre around Dubbo yesterday with the Volume Plus service station on Cobra Street the highest price for diesel at 193.9 cents per litre.

Meanwhile, economists have predicted further price falls in coming weeks, with some forecasting a drop of between 10 to 13 cents per litre within the next fortnight.

Current calculations have revealed the average household is forking out a record $228.30 a month on petrol, up $58 in the past 10 months.

That has been because of unsustainably high crude oil prices in Asia, with Australia’s fuel prices mainly dependent on the Singapore benchmark.

ben.walker@ruralpress.com