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Two days don’t make a trend, but is this the first step to fuel price relief?
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The national average price of 95RON unleaded has dropped for the second day in a row, for the first time since early April. Prices peaked at $2.24 per litre earlier this week and have reduced slightly to $2.22 per litre.
Only Tasmania and Northern Territory prices remain at peak levels with all other states noting a small, but welcome drop in fuel price.
As noted by Drive earlier this week, global crude oil prices have dropped some 20 per cent in recent weeks, which may be the driver to seeing a reduction in prices at the bowser.
The changes are only minor at this point, with a net increase of $0.30 per litre since May-1 now reduced to $0.28, a change of 7 per cent.
Crude prices have rebounded slightly, from a low of US$98.53 per barrel on 6-Jul to US$104.79 today, but are still well down on the recent peak of US$119.78 on 8-Jun.
We’re hoping to see some local impact of this price change finally provide prolonged relief for Australian drivers.
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