Economists tip petrol price fall to $1.


Economists are predicting the price of petrol could fall to $1 a litre within months.
Commsec's Craig James says the national average fuel price has dropped almost five cents to a five-month low of $1.24.
Mr James says motorists are saving an average of $20 a month compared to when petrol prices were at record highs in June.
He says current the drop in petrol prices can be attributed to current global conditions.
"More supply coming on to the market, resolution of the situation in Iran with the nuclear stand-off and more oil coming out of places like Nigeria," he said.
Mr James believes the cost of fuel will fall a lot further.
"Well, certainly a dollar a litre is on the cards, so that's a matter of weeks [away] rather than a matter of months," he said.
"In fact by Christmas we could see the national average petrol price in the order of $1.15 a litre.
"And it's not out of all credibility for the petrol price perhaps to fall as low as a dollar a litre."