Act now to take advantage of lower fuel prices, but don't expect them to last.

Australian drivers are currently experiencing a welcome relief at the pump, with fuel prices dropping to their lowest levels in months. This is due to a decrease in demand for oil from China, the world's second-largest importer. However, many are wondering if this trend will continue or if it's just a temporary reprieve.

According to data from the Australian Institute of Petroleum, the average petrol price in the country has dropped to 178.4 cents per litre, while diesel stands at 182.7 cents per litre. This is great news for drivers, and fuel analyst Grady Wulff from Bell Direct in Sydney predicts that prices will continue to fall in the coming weeks.

Wulff explains that China's move towards renewable energy sources has led to a decline in their demand for oil over the past four months. This, combined with the strengthening of the Australian dollar against the US dollar, has contributed to the decrease in fuel prices. Wulff believes that the average bowser price in Australia could drop to as low as $1.65 to $1.70 in time for the upcoming spring school holidays.

However, there are concerns that this downward trend may not last long. The recent surge of violence and explosions in Lebanon, a major oil-producing region, is expected to cause oil prices to rise again. Wulff warns that the ongoing tensions in the Middle East and between Russia and Ukraine will continue to impact not only oil prices but also energy stocks and petrol prices in Australia.

For Australian drivers, this means that fuel costs may eventually increase again in the long term. Wulff advises drivers to take advantage of the current low prices and fill up their tanks now, as it's unlikely that they will stay this low for long.

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