Oil prices are around four-year lows after the major global oil cartel decided to increase production. US President Donald Trump’s tariffs are also driving prices lower as economic activity slows. Analysts say lower oil prices should see further gradual declines in the price of petrol and diesel, which are both already more than 20 cents a litre off recent highs. Experts say savings from lower transportation costs will also push down inflation. The price for brent crude oil is more than $US10 a barrel lower than what it was when the Reserve Bank last updated its economic forecasts in February, giving the RBA more room to cut interest rates.
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