Cheaper fuel before long weekend: Commsec

Petrol might be cheaper heading into the long weekend after a fall in regional oil prices, an economist says.

An Australian Institute of Petroleum weekly report shows the national price for unleaded petrol rose by an average 1.8 cents a litre to 145.7 cents in the past week.

The metropolitan price rose by an average 2.8 cents a litre to 144.8 cents, while the average regional price increased by 0.1 of a cent to 147.7 cents.

Commsec economist Savanth Sebastian said petrol prices are likely to have steadied and should fall in the next two weeks.

"Not only have global oil prices fallen dramatically in the past week but the Aussie dollar has held up relatively well, ensuring that most of the slide in regional oil prices should get passed through to the bowser in the next fortnight," Mr Sebastian said in a statement on Monday.

Mr Sebastian said Commsec expects petrol prices to fall by about two cents a litre over the next fortnight.

He said the key Singapore unleaded petrol price had fallen by more than $3 a barrel in the past week due to the recent surge in US fuel stocks and speculation that the world's largest producer, Saudi Arabia, could consider boosting supply and thus lower oil prices.

Melbourne had the cheapest average unleaded petrol, up 0.6 cents at 139.6 cents a litre, while Darwin remained the dearest, up 0.6 cents to 160.7 cents.

October 1, is a public holiday in most states, with Queensland, NSW, Western Australia, South Australia and the Australian Capital Territory celebrating Labour Day.

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.