Oil prices slumped again overnight sparking optimism prices at the pump should fall by up to 8c a litre according to industry experts.
Fueltrac, the fuel price-monitoring service says petrol prices should fall as early as next week.
Motorists are paying around $1.70 a litre but Fueltrac general manager Geoff Trotter declared diesel and unleaded petrol should fall in price in reaction to a significant drop of the refined product price in Singapore.
"This reduction has been occurring now for about a week," Geoff Trotter told the ABC.
"We would expect that the next high-price cycle, which normally occurs on Wednesday and Thursday in most of the metropolitan markets in Australia, those prices should be in the order of eight cents a litre lower than they were at the same time this week.
"A drop in international prices in US dollars a barrel and the continued strengthening in the Australian dollar, both of those factors combined should give us significant drops in retail pump prices next week."
OIL prices fell for a fourth straight session overnight as fears gathered momentum that consumers were cutting consumption in the wake of higher prices.
Light, sweet crude for August delivery settled US41c, or 0.3 per cent, lower at $US128.88 a barrel on the New York Mercantile Exchange.