CommSec: Fuel prices set to fall

Car insurance customers may find the financial burdens of running a vehicle lessen if recent forecasts by Commonwealth Securities (CommSec) prove accurate.

According to the organisation, the cost of petrol and diesel may be set to decline by up to 10 c a litre in the next two weeks as global oil prices decrease, reports the Australian Associated Press.

Savanth Sebastian, economist with the firm, noted that this could save drivers up to $7 each time they visit the pumps.

"Motorists are in for some massive savings at the pump in just over a fortnight's time," he commented.

The cost of unleaded petrol is currently at $1.49 per litre, up from $1.43 at the start of April.

Mr Sebastian noted that the oil market has been "well supplied" recently, despite the unrest in the Middle East.

He noted that prices on the global market have "slumped" over the last week, which he explained was one of the reasons for the impending drop in fuel costs for car insurance customers in Australia.

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