It is being speculated that the price of petrol can come down to $1/ per litre in Australia after Saudi Arabia has embarked on a price war with the Russians.
In fact, as Saudi Arabia has slashed its official selling price, the prices of oil have plunged to more than 20.
This is the lowest level so far after 1991.
In the analysis of the CommSec Chief Economist, Mr Craig James, there will be a massive amount of price drop for oil in the Australian market, if the Australian Dollar is able to stay or less stable in the market.
Petrol at $1
Though it may sound like a dream to many, given that Australian Dollar is able to hold on to its position in the market, motorists may soon be filling their tanks at $1 for a litre of petrol.
In this regard, Josh Frydenberg the treasurer has asked the consumer watchdog in Australia to ensure that the lower-priced oil is passed on to the various Australian petrol pumps for the benefit of the public.
Mr Frydenberg in his statement to the press has also said that he has spoken to the Competition and Consumer Commission chairman, Mr Rod Sims to ensure that the benefit of the lower prices gets passed on to the general public as well.
Sims has assured Frydenberg that the entire situation will be constantly monitored and necessary action will be taken.
Australia has already been experiencing a fall in the fuel price which touched down to $1.35 and $ 1.69 for the Unleaded 91.
Economic instability
The sudden dip in price has wiped out at least $100 billion from the Australian shares and has heightened the fear of an impending recession and the panic of the Corona Virus.
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