More petrol stimulus in the pipeline

From Craig James at COMMSEC:

According to the Australian Institute of Petroleum, the national average Australian price of petrol fell by 4.3 cents per litre to a 3-month low of 134.2 cents per litre in the week to August 16. The metropolitan petrol price fell by 5.5 cents to 132.2 cents per litre and the regional price fell by 1.8 cents to 138.3 cents per litre.

 The national average Australian price of diesel petrol fell by 0.7 cents to 132.8 cents per litre in the week to August 16. while the regional average price fell by 0.7 cents to 134.6 c/l.

 Average unleaded petrol prices across states and territories over the past week were: Sydney (down 0.6 cents to 136.1 c/l), Melbourne (down 10.0 cents to 132.3 c/l), Brisbane (down 8.1 cents to 127.2 c/l), Adelaide (down 9.1 cents to 124.7 c/l), Perth (down 1.3 cents to 134.9 c/l), Darwin (down by 0.2 cents to 134.1 c/l), Canberra (down 0.6 cents to 135.3 c/l) and Hobart (down by 0.3 cents to 142.4 c/l).

 Today, the national average wholesale (terminal gate) unleaded petrol price stands at a near 4-month low of 122.9 cents a litre, down around 1 cent a litre on a week ago but still up from the 6-year low of 100.4 cents per litre set on January 20.

 Last week the key Singapore gasoline price fell by US$2.30 or 3.2 per cent to US$69.65 a barrel – a 6-month low. Singapore gasoline previously hit a near 6-year low (lowest since March 2009) of US$52.20 a barrel on January 13. In Australian dollar terms the Singapore gasoline price fell by $3.22 a barrel or 3.3 per cent last week to $94.44 a barrel or 59.40 cents a litre – a near 4-month low.