Petrol prices have plummeted in the past couple of months after the state average for regular unleaded petrol peaked at 157.3 cents per litre in October, according to FuelCheck.

The state average now sits at 141.1 cents per litre with Inverell residents getting some of the cheapest prices in the North West with an average of 141.2 cents per litre.

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NRMA spokesperson Peter Khoury said there was the potential for prices to drop even lower as the year comes to an end.

“We should,” Mr Khoury said when asked if petrol prices were expected to tumble further.

“Put it this way. There’s absolutely no reason for them to go up as world oil prices continue to fall.”

Mr Khoury added: “If the trend continues, the average price will fall below $1.40 but it’s a bit difficult to forecast three weeks ahead.”

Along with Inverell, Gunnedah (141.9) and Tamworth (142.9) petrol prices don’t sit far off the state average.

However, you’ll pay a bit more in Armidale (147.3) and Moree (151.3)

In each town prices vary greatly and Mr Khoury encouraged everyone to shop around when looking to fill up.

“If you look at Armidale, the cheapest is 133 cents per litre and another is 153,” he said.

“So, if you get on the NRMA app before you fill up, you can save up to 20 cents per litre.”