Petrol prices have plummeted to a two-year low across Sydney in a major win for motorists and their household budgets.
In an even bigger win, analysts believe fuel is likely to be cheaper for at least the next 12 months.
WATCH THE VIDEO ABOVE: Sydney drivers ready for a cheap fuel frenzy.
Know the news with the 7NEWS app: Download today 
Unleaded petrol dropped to an average price of $1.68 across Sydney on Friday, though analysts say it should lower further throughout next week.
“We expect it to get well below $1.60,” NRMA spokesperson Peter Khoury said.
“And that will be the lowest we’ve seen in Sydney for two years, and possibly more.”
The cheapest fuel in Sydney on Friday was at Granville in the city’s west, where it dipped down to $1.55.
However, some prices remain high at well over $2 per litre.
Analysts say the cheaper prices are finally a correction after years of sky-high prices on the back of wars and a global pandemic.
But no one can say precisely how long this will last or how low prices will go.
“There has been some weakening in that oil demand — there’s been lower demand from China as well,” AMP economist Diana Mousina said.
“I’d say in the next 12 months, oil prices are likely to be softer than where we’ve seen them in the last few years,” Mousina said.
