Petrol price dip will give Aussies a break

Aussie motorists who have been blighted by high fuel prices in the past few weeks have been handed a reprieve, as an economist stated that rates at the pump will fall again.

Commsec's Savanth Sebastian highlighted figures released by the Australian Institute of Petroleum that showed the average price of a litre of unleaded petrol grew to 144c last week – a rise of 0.6c.

Many drivers may have had little choice but to dip into their savings accounts in order to cover the excessive amounts being charged by filling stations.

However, Mr Sebastian allayed fears that prices could spiral even further out of control.

"Given that fuel prices peaked last Friday (January 20th), it is likely that pump prices will continue to fall over the coming week," he remarked.

Earlier this month, Commsec's chief economist Craig James told the Herald Sun that petrol prices could have risen to 160c per litre by the end of January, but this has not yet happened.

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