Relief as petrol prices are set to level out

It has been a bleak month or so for Aussie motorists, as the price of fuel has almost spiralled out of control.

Drivers have been forced to fork out 150.7c for a litre of petrol in the past week, which represented the highest prices seen at the pumps for three years.

High fuel rates, excessive car insurance premiums and maintenance costs have made vehicle ownership a pipedream for many Aussies who are already struggling to make ends meet because of inflated energy bills and other household expenses.

However, we might be able to breathe a sigh of relief, as analysts at CommSec have predicted that petrol prices will level out now.

Senior economist at the organisation Savanth Sebastian suggested that fuel prices have reflected the sky-high value of oil on a global scale, as fears grew that there may be shortages from major producers in the Middle East.

"However it was encouraging that last week Saudi Arabian producers confirmed that they were prepared to meet any supply shortfalls," he remarked.

Have a question about car insurance? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801327165-ADNFCR