Oil prices on the move

We should expect petrol prices to drop to below $1 a litre, says CMD Director of Capability Building, Associate Professor David Byrne, who spoke to ABC TV's The Business.

Oil wars

Oil price wars between global oil producers Saudi Arabia and Russia are likely to drop fuel prices to less than $1 a litre at the bowser for motorists, Centre for Market Design Director of Capability Building David Byrne has told ABC TV's The Business program.

"We should expect prices to come down to one dollar, even below, less than one dollar a litre," Associate Professor Byrne told The Business.

"If you're a country like Russia, say, that might be upset at the United States for things like economic sanctions and you're seeing this booming shale oil gas industry going on, you might be OK with low prices supplying the market like crazy because you can put that business out of business."

You can watch The Business news story on ABC iView.