Naomi PaulPetrol Tipped to Drop to $1 a Litre
January 17th 2007 07:46
According to The West Australian we could be paying $1 a litre for petrol within a week - but don't get used to it.
The culmination of a warmer than usual winter in the US, increased production and a drop in demand from other key markets has pushed oil prices to below $US52 a barrel.
Oil is at its cheapest since May 2005. Petrol prices have risen in recent weeks, and were averaging $1.17 yesterday.
But by the end of next week, the sharp fall in international oil prices should be translated into solid savings for motorists at the bowser.
But be warned - all it would take is a sharp fall in the temperature to push up demand in the US, leading to higher global oil prices.
The culmination of a warmer than usual winter in the US, increased production and a drop in demand from other key markets has pushed oil prices to below $US52 a barrel.
Oil is at its cheapest since May 2005. Petrol prices have risen in recent weeks, and were averaging $1.17 yesterday.
But by the end of next week, the sharp fall in international oil prices should be translated into solid savings for motorists at the bowser.
But be warned - all it would take is a sharp fall in the temperature to push up demand in the US, leading to higher global oil prices.
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