Motorists are enjoying a slight reprieve at the bowser with falling global oil prices and a stronger Australian dollar pushing petrol prices down from their recent highs.

Figures from Commsec and the Australian Institute of Petroleum show the national average petrol price fell by around 7 cents a litre in the last fortnight to 151.2 cents a litre.

Commsec economist Savanth Sebastian expects more good news for drivers in the coming weeks.

"The Singapore unleaded price, where we derive our fuel from, that's fallen by $6 a barrel in the past week," he said.

"It should make fuel much cheaper in a fortnight's time.

"We're expecting another 2 to 3 cent decline in the national average price."

Mr Sebastian says the lower petrol prices are a good sign for the Australian economy.

"That means that inflation's not going to be an issue, the Reserve Bank can afford to keep interest rates lower over the medium term," he said.

"The key now is what takes place across the economy once the election's out of the way."

 

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