LANCASTER, Australia — Gas prices have eased in recent weeks, easing a bit from a sharp rise that pushed prices up about 30% in the week ending Sept. 14, the Australian Bureau of Statistics said Thursday.
The price has eased by about 1.6 cents per kilowatt-hour since Sept. 8, the last time the price increased.
That’s the smallest increase since the market began tracking prices.
Prices in the second quarter have also eased by around 1.3 cents per kWh.
Gas prices are now about 6.5 cents per kwh compared to 6.9 cents in the first quarter.
Gasoline prices in the same period rose by 3.3% year-over-year.
The rise in the price of gas has led some analysts to predict prices will continue to fall, and that prices will eventually fall back below their peaks of a decade ago.
This was the first time gas prices fell this steeply since 2002.
The market has been in a bull market in the last three years.
The benchmark price for Brent crude oil dropped from $US50 per barrel in mid-2014 to around $30 per barrel this week, but it has since rebounded to $30.52 per barrel, according to Bloomberg New Energy Finance data.
A price drop of this magnitude is unprecedented, and will likely lead to lower gas prices, the market has predicted.
The U.S. has seen gas prices fall to around 30 cents per gallon in the past decade.
The U, however, has not been the only country to see gas prices decline.
The Japanese, British and Australian prices have also dropped in recent years, and in the U.K., prices are down as much as 4.5%.
The decline in gas prices has pushed up food prices.
In the United States, grocery sales rose 1.4% in September from the same month a year earlier, while in the European Union, grocery shipments grew by 2.5% in November.
In Australia, prices fell by nearly a third last year, and they have fallen in recent months.
But prices are still about 20% above the levels they were in 2013, and have been trending downward for years.
Gas prices in Canada were $US20.75 per million British thermal units in September, down from $29.60 per million Btu in September last year.