Petrol prices have again fallen considerably, now at a 12 month low. This is the second fuel price drop in two weeks. The Australian Institute of Petroleum says that the average price of unleaded petrol was $1.33 per litre. This is almost 7c lower than last week.

Cheif equities economist, Craig James, from Commsec has stated that he believes prices could easily fall back to $1 a litre. This is after oil contracts in New York were stading at US$63.56 per barrel.

The only thing holding this at risk is the Organisation for Petroleum Exporting Countries (OPEC), who had an emergency meeting last week and agreed to cut production levels. If production levels are enough, prices will climb again.

Have your say: What do you think of these petrol prices?