In a clear sign of how prices have tumbled in the past month with a global wholesale slump,  the Allansford outlet was selling unleaded petrol at 123 cents a litre and diesel at 129c/l, while in Warrnambool the cheapest non-shopper docket prices  was 134.9 c/l and 135.9c/l respectively.

Further up the road it was  146c/l in Hamilton, 145c/l in Colac and 141c/l in Portland, while in Derrinallum it was 129.9c/l and likely to drop further today.

Melbourne’s lowest was 119.5c/l, while in Geelong it was about 121.5c/l.

Independent chain Apco is tipping further price cuts by Christmas.

“We’ve heard the oil barrel price could go down to $50, which will be even better news for motorists,” Apco director Peter Anderson told The Standard yesterday.

“It’s the best for years across the board with price drops for diesel and LPG as well.

“The Warrnambool market is a cat-and-mouse situation, with outlets watching each other’s movements.

“Last night our franchisee dropped the price again and further movements will depend on what the market is doing.

“We set prices we believe are fair to the consumer, but also allow a return on sales.”

Up to a month ago Warrnambool prices were hovering around 145-149 cents a litre.

A global increase in oil production which outstripped demand caused the barrel price to drop from $107 to just under $58 in six months with further falls likely.

Colac district resident Phil Edge, who has campaigned for years against high fuel prices in that city, said he took his concerns to Australian competition review committee chairman Professor Ian Harper this month.

“He told me it was a matter for the ACCC,” Mr Edge said.

“I’m hoping the member for Corangamite Sarah Henderson will honour her promise and push for the issue to be investigated.

“It’s almost as if Colac is an island because no matter what direction you go the fuel is cheaper.

“Even at Derrinallum the price was 121c/l on Monday.”