Motorists can expect further reprieve at the petrol bowser with analysts predicting continued falls in the price of oil. But economists say while falling prices are good for consumers, it won't lower underlying inflation as far as the Reserve Bank wants it to, meaning interest rate cuts are still unlikely until next year.
The average national petrol price fell to 178.4 cents a litre, according to data from the Australian Institute of Petroleum.
But this month, both OPEC and the International Energy Agency lowered their global oil demand growth forecasts, citing weaker Chinese consumption this year. "What the International Energy Agency has forecast is that global oil demand this year will grow by 0.9 per cent, and next year it will do exactly that," Mr Dhar said.
Australasian Convenience and Petroleum Marketers Association chief executive Mark McKenzie said the stronger Australian dollar was another reason prices locally were falling. "OPEC cutting back production at the moment really just leaves the door open for other countries to produce more, such as the United States.
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