Petrol price falls to six-week low

The price of petrol has fallen to a six-week low as the oil cartel OPEC decided
against another round of production cuts.

Fresh data from the Australian Institute of Petroleum shows the national average
price of unleaded fuel has fallen to $1.18 per litre, down more than two cents in
the past week.
The Organisation of Petroleum Exporting Countries (OPEC) decided on Sunday that the
"deep impact" of the global financial crisis, alongside previous production cuts,
was enough action.
"OPEC is committed to stabilising the market, ensuring a regular supply of petroleum
to consumers at price levels which are equitable not only for the world economy and
for consumers but also to ensure adequate future supply," the organisation said in
its communique.
CommSec's chief economist Craig James predicts the petrol price will fall up to five
cents more in the coming fortnight.
"The average Australian household is forking out $164.60 a month on petrol, a saving
of almost $65 from the highs set in mid-July," Mr James said in a market update.
He also pointed to the wider economic impact of lower prices.
"The lower petrol price puts extra spending power in consumer pockets and therefore
represents good news for retailers," Mr James said.