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Date Published : Tuesday, August 05, 2008
Despite petrol prices undergoing their biggest decline in four years, Australian consumers are still being 'ripped off' at the pumps, the National Roads and Motorists' Association (NRMA).
The news, which may be of interest to considering a car loan for a new vehicle, comes after the price of oil continued to fall from the record high of US$147 ($160.23) a barrel set on July 11th.
News.com.au said over the past three weeks, global oil prices have fallen by US$25 a barrel.
But NRMA motoring and services president Alan Evans said a drop of more than US$20 should have resulted in a "much greater drop in the price of petrol at the bowsers".
"It should have been more, [the petrol companies are] patting themselves on the back, but they're still ripping motorists off."
However, after oil hit a three-month low of US$120 a barrel, Mr Evans said he believes petrol prices will continue to fall.
"I think we'll go down to the lower 100s and that should see us with petrol prices back into the $1.20 per litre," he commented.
"But at the moment, we're still a few cents over what we should be."
According to the NRMA's statistics, the average price of a litre of petrol in Sydney on August 5th was 144.8 cents per litre.
The NRMA was founded in 1920 by a group of businessmen led by the racing driver Boyd Edkins to protect drivers' interests and provide insurance and roadside assistance.
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