Much needed reduction in oil price

Australia and a number of other countries are experiencing a fall in the price of oil. This long awaited good news comes after a period of unhappiness about the direction in which Australia’s economy is headed.

The drop in oil price comes because of the fact that we officially have more petrol than we are actually using. The prolonged period of trouble and strife in the Middle East combined with the excess supply of oil both caused a reduction in the price of petroleum, diesel and other related products in Australia. It’s expected that we will be seeing bowser prices we haven’t seen in a long time now.

Reducing Oil Prices

This is certainly good news for all motorists, who will be spending lesser money on travel. The reduction in aviation fuel price means that flights can be expected to cut down on flight costs a bit too. Even couriers and post will cost lesser, if this phenomenon lasts a little longer. It is expected that cargo prices will also be going down soon. In fact, one can expect prices of perishables to go down as well (since the perishables are the products that are delivered on a daily basis and will be affected by price of transport).

A number of industries will be affected positively and negatively by this falling trend, but the long term impact is yet to be fathomed.

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