Prices have already dropped an average of 30c.
Only a month ago, NSW petrol prices were the highest they had been in a decade with prices reaching up to $1.95 for E10 in some parts of the state.
However, NSW residents will see some relief with prices dropping by 30c in the last week, and predictions that costs will continue to plummet over the next fortnight.
Petrol price monitoring service Motor Mouth reported that the average cost of petrol in Sydney on Tuesday was 133.2 cents– a 30c reduction to the 164.3 cents price on October 19th.
According to the Australian Institute of Petroleum, this is the steepest price decline that Australia has seen in a decade.
The drop is being caused in large part by the reduction of crude oil prices and an increase in the value of the Australian dollar, resulting in a 15 cent reduction in wholesale petrol prices – a number that is expected to continue to drop in the coming weeks.
For NSW drivers, this could man an average saving of $18 per week when compared to the prices in October.
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Written by Kate Stevens
Images: Getty
