Petrol Prices Fall 2.5 Cents, Unlikely To Last Photo:

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Mike Stevens | Feb, 02 2010 | 0 Comments

NEW FIGURES FROM the Australian Institute of Petroleum show that the average price of petrol has dropped 2.5 cents per litre in the past week.

According to Commsec analyst Savanth Sebastian however, weakness in the Australia dollar means the average price of petrol is likely to rise again, and soon.

"[The price slide] is great news for motorists, however it's not likely that those falls in pump prices are likely to stay," Mr Sebastian said.

"In fact we'd expect that over the next fortnight, pump prices will once again start rising."

Petrol prices this week were lowest in South Australia, where motorists saw a drop of around 3.6 cents. It hasn't been all roses however, with the Northern Territory's average petrol price rising 1.9 cents per litre.

While South Australia's average petrol price this week is hovering around $1.20, Mr Sebastian said prices are likely to trade around $1.25 to $1.30 a litre in the midterm.

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