The consumer watchdog is warning the petrol industry it will be monitoring their prices amid sharp declines in international oil markets.

Australian petrol prices have dipped well below the $1 per litre mark in the past week, with some retailers charging as little as 85 cents for E10 Unleaded.

But with oil prices falling into negative territory there is a chance petrol prices could be brought down even further.

“The average service station is probably only selling half the volume which means their costs are higher,” Australian Competition and Consumer Commission chair Rod Sims told Alan Jones.

“You certainly can’t complain about average prices. In Sydney 93, Brisbane 92.”

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