Petrol and diesel prices have fallen to their lowest level since March.

All four major oil companies have dropped their prices by 5 cents, bringing the price of 91 octane to a six-month low of $1.50.9, while 95 has also fallen five cents to $1.55.9.

The three companies have also dropped diesel 2 cents to $1.16.9 a litre.

A mellowing of tensions in the Middle East has led to a softening in the world price of oil, which now sits at just under $64 a barrel.