The Australian Institute of Petroleum (AIP) announced on Monday that the national average price of petrol fuel slipped by 124 cents each litre last week, which it said was the biggest drop from the past six months.

On its weekly report, the AIP said that the national average for petrol fuel prices retreated by 0.8 per litre to 124 cents while the metropolitan average declined by 0.8 percent per litre to 112.5 cents, with the regional average sliding by 0.7 percent per litre to 126.9 cents.

The fuel prices' downtrend trend would only continue, according to CommSec economist Savanth Sebastian, as he added that "motorists were likely to enjoy the cheaper fuel for a while yet."

Mr Sebastian stressed that "the strength of the Australian dollar over the past few months has been instrumental in keeping domestic pump prices lower," as he added that when pitted against the Australian dollar, the benchmark Singapore unleaded price now sits at an eight-month low.