Australian petrol prices are expected to fall by as much as four cents per litre in the coming week following last week’s Brexit vote.
Market fluctuations as a result of the shock referendum outcome had seen world oil prices fall by up to $US5 a barrel last Friday. NRMA spokesperson, Peter Khoury, said the current price cycle had seen prices fall too slowly.
“Australian motorists should be unexpected beneficiaries of the shock outcome of last week’s referendum, with world oil prices initially falling by as much as $US5 a barrel on the United States market and $US3 a barrel on Asian markets,” Mr Khoury said.
“With the Australia dollar remaining relatively stable, these factors should work in the favour of motorists here at home, with price relief of up to four cents per litre possible the next week to 10 days.”
Mr Khoury said it is paramount oil companies pass on any falls.
“The NRMA has been concerned with the sluggish fall of prices this current cycle. After reaching an average of 137 cents per litre two weeks ago prices have only fallen 13 cents and they should be falling faster and further.”