Lower dollar blamed for slowing fuel price falls
Posted
The RACV says the low Australian dollar is slowing further falls in the retail price of petrol in regional Victoria.
World oil prices are below $90 a barrel, after being as high as almost $150 a barrel in July.
The RACV's David Cumming says prices at the pump have come down by up to 16 cents a litre in the past few months.
He says a further drop of between two and four cents should flow through over the next few weeks.
"The stockpile of fuel in Singapore currently is the greatest that it has even been in history and that means that demand is depressed and that should mean that prices will come down, it is only the Australian dollar, the value of the Australian dollar that's preventing prices from dropping rapidly," he said.
