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There is good news for motorists in the form of a 5c a litre price drop at the pump. Shell led the decrease, which sees 91 octane drop to $1.72/litre, 95 octane to $1.76/litre and diesel to $1.26/litre.

BP and Caltex followed suit, with BP's 95 octane priced at $1.77/litre falling slightly less. Independent fuel retailer Gull also dropped its prices, down to $1.70/litre for 91 octane, $1.75 for 95 octane and $1.25/litre for diesel.