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Petrol tipped to drop below a $1 per litre

AAP logoAAP 1/08/2016 Andrew Leeson

Motorists in capital cities look set to benefit from further petrol price falls, with a leading economist tipping prices to drop near or even below a dollar per litre.

An ongoing global oil glut continues to drag bowser prices down, with the average wholesale price of petrol slumping to just $1.016 on Monday.

But motorists need to keep pressure on retailers to pass on the savings as gross retail margins hit the highest on record at 18.6 cents per litre, according to CommSec chief economist Craig James.

The price drop is also good news for consumer-focused companies as drivers look elsewhere to spend their bowser savings, Mr James says.

WEEKLY UNLEADED PETROL PRICE FOR THE WEEK ENDING July 31:

* Sydney - down 8.9 cents to $1.17 per litre

* Melbourne - up 13 cents to $1.26 per litre

* Brisbane - up 9.1 cents to $1.25 per litre

* Adelaide - down 5.9 cents to $0.99 per litre

* Perth - down 1.9 cents to $1.17 per litre

* Darwin - down 1.4 cents to $1.18 per litre

* Canberra - down 2.6 cents to $1.25 per litre

* Hobart - down 0.7 cents to $1.23 per litre

SOURCE: CommSec and the Australian Institute of Petroleum

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