You Guys, Petrol In Sydney Just Dropped Below $1 A Litre

There’s certain things from the recent past that you just kinda have to accept are done, gone and will never happen again – Justin Timberlake‘s gloriously curly mop. Freaks & Geeks coming back to the air. The free footy posters you’d get when you nailed the Choose The Cheesy Cheese tongue twister when slamming down a Triple Cheeseburger order at Macca’s.

Until today “petrol below a dollar a litre” was the lord of that pile; a relic of much simpler times gone by, now but a distant memory never to be repeated.
Well, guess again Residents of Sydney! You might have noticed petrol prices dropping fairly steadily nationwide in recent weeks. But from today, drivers in Sydney will start seeing the veritable white whale of commodities pricing – petrol in the harbour city has dipped below the mythical dollar mark for the first time in six years.

E10 Unleaded (the slightly more ethanolish petrol) has hit 99.9cents per litre in outlets around Sydney, with regular unleaded not too far behind. Prices are expected to hold at these levels for about a week.

The reason for the falling gas prices is an extremely rare global over-supply of petroleum. NRMA spokesman Peter Khoury stated,
The United States have been increasing production year-on-year now for a few years. As a result, Saudi Arabia has increased production to compete. So you’ve got this bizarre situation globally where there is more oil on the market than what we are using, hence the falling prices.
Whilst the rest of the country might not reach the lofty lows and go sub 100, the national average price currently sits at $1.14 per litre, more than 40 cents down on the previous high mark of $1.55 which was reached in July of last year.
Even better still, the low marks are tipped to stick around for at least a few more weeks.
Fill ‘er up!
Photo: Lisa Visentin via Twitter.

via SMH.