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Sydney motorists will enjoy the cheapest Christmas petrol prices in five years, with fuel expected to drop as low as $1.10 a litre this week.
Motoring analysts believe cuts to the price of crude oil in Singapore are yet to bottom out at the bowser, with prices to fall as the week goes on.
The last time petrol was as low as $1.10 was in 2009 - but that rose substantially post-Christmas. This year petrol prices are expected to remain low into the new year.
The NRMA yesterday listed the average petrol price across Sydney at $1.18 a litre, with the lowest price $1.12.
The drop in fuel prices is also a win for the federal government which had been labelled "bowser bandits" in the wake of the fuel excise tax being introduced. It was suggested the rise in tax would increase the price of petrol at the bowser by half a cent per litre, costing the average Australian an extra $135 a week.
Fuel analyst Alan Cadd, of fuel monitoring service Motormouth.com.au, said he was confident there would be no price rise over Christmas because it was still inside the three week price lag in the wake of changes to oil in Singapore.
"I would be surprised if we don't bottom out at $1.10. It is reassuring for motorists to see that the market is doing what the market should,'' he said.'It may even be the cheapest in more than five years because there won't be a price spike this week."
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