An oil analyst is warning that while fuel prices are cheap now, they could skyrocket to new highs over time.
Ninety one octane petrol dropped by two cents and was now selling for $1.839 a litre at most petrol stations.
Oil analyst at Standard Chartered in London Paul Horsnell said while the low prices were good short-term relief for consumers, a lack of investment in the oil industry would hurt consumers in the long term.
Mr Horsnell said the price was too low and what eventually could happen was a series of continual price rises, similar to what happened over the past decade.
"My concern is that this feels a bit too low, it feels like too-good-a-deal in the long run."