Petrol headed for $1 a litre

[Ralliart]

Originally Posted by The Age

Petrol prices have fallen significantly for the second time in a fortnight, reaching a 12-month low.
The national average price of unleaded petrol is now $1.33 a litre, the Australian Institute of Petroleum says.
That's a drop of 6.7 cents in the past week.
CommSec chief equities economist Craig James has suggested the price could fall to a dollar a litre.
"Just a month ago, thoughts of petrol at $1 a litre would have been pure fantasy. But no longer," Mr James said in a weekly market briefing.
He also pointed out the apparent weakness of Western Australia's FuelWatch scheme, which the federal government wants to roll out nationally.
"The Sydney petrol price stood at $1.31 in the latest week, the second straight week it has been below the Perth price ($1.33 last week) despite the price monitoring scheme in place in Perth."
The Senate could vote on the government's plan to introduce FuelWatch nationally as early as tonight, but is likely to reject the scheme.
Mr James' rosy outlook may change if the oil cartel, Organisation for Petroleum Exporting Countries (OPEC), goes ahead with a second production cut before Christmas.
World oil prices rose higher in Asian trade today after OPEC failed to rule out another cut following on from its November slow down.
At an emergency meeting in Vienna last month, the cartel agreed to reduce output by 1.5 million barrels a day to 27.3 million bpd in a bid to prevent prices falling further.
The main contract in New York, light sweet crude for December delivery, jumped $US2.52 ($3.68) to $US63.56 ($92.90) a barrel this afternoon.

Just read this just now , It gr8 news if this actually did happen, i'm not going hold my breath on this through , i debt it will ever go back to $1/l again , by the time it tries to be @ the prince, something will make it go up again


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