Motorists may be set for some relief at the bowser after average petrol prices fell from a three-and-a-half-year high last week.
The average price of retail petrol fell by two cents to 150.2 cents a litre in the week ending April 29, according to data from the Australian Institute of Petroleum.
CommSec economist Savanth Sebastian said a recent fall in regional and wholesale petrol prices should ensure further falls in the next seven to 10 days.
He expects the national average pump price to fall by four cents a litre in the next fortnight.
“While it has certainly been a tough few months for motorists, it does seem like that a reprieve is around the corner,” Mr Sebastian said on Monday.
Over the past month, regional oil prices fell by almost $US12.
“When you take into consideration that the Aussie dollar has managed to hold up relatively well over the same period, it certainly points to a pretty sharp fall in pump prices,” Mr Sebastian said.
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