Fuel prices have dropped below $1 in some parts of Sydney, the lowest since 2009, and experts say prices may fall even further.

Independent retailer Metro Petroleum has dropped the price of fuel to 099.9c at various outlets in inner south-west Sydney.

• Get the good oil on low Aussie fuel prices
• Why life will be more expensive in 2015

Nic Moulis, CEO of the Australasian Convenience and Petroleum Marketers Association, told the ABC a worldwide oil glut had seen a drop in crude oil prices.

“We’ve continued to see a fall in crude oil prices, and now it’s had a flow-on to refined oil, which gives us lower fuel prices,” Mr Moulis said.

“The market has been making its way down since the pre-Christmas period, and with international factors such as a glut of oil, it’s definitely good news for motorists – especially over the school holidays,” he said.

We’ve had unconfirmed reports of unleaded petrol going for less than $1 per litre in Wallan. #nostalgic

— 3AW Melbourne (@3AW693) January 6, 2015

Monash University economics professor Jakob Madsen told The New Daily consumers would benefit from “much cheaper” fuel prices in 2015.

“America has reduced demand and that means supply is quite big at the moment,” Mr Madsen said.

National Roads and Motorists’ Association (NRMA) spokesperson Peter Khoury told the ABC the average price of fuel was $1.12 in Sydney, but could fall to $1.10 a litre in coming days.

He added the best advice he could give motorists was to shop around for the best price.