Mike Stevens | Jun 8, 2010

New figures from the Australian Institute of Petroleum this week show that the national average petrol price has fallen 1.5 cents to 128 cents per litre, a six-week low.

Melbourne and Canberra motorists got the best deal, with the average price dropping by 1.6 cents (128.7) and 2.0 cents (130.0) respectively. Sydney's average fell by 1.2 cents (128.5), and Hobart saw a 0.9 cent drop (132.3).

The ongoing concerns over European sovereign debt has seen investors withdrawing from riskier commodities such as oil, leaving motorists to gain.

The benefits at the bowser might have been greater if not for the sharp slide in the Australian dollar - while the Singapore unleaded price has fallen by 4.5 percent, the difference has meant an equivalent 1.4 percent rise in Australian dollar terms.

According to CommSec, prices should continue to fall over the coming week before a rise of about one or two cents in the next two weeks.

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