Motorists could be in for some rare good news.

Petrol and diesel prices have been coming down in recent weeks, with oil prices at their lowest point in years.

Now events on the Chinese stock markets could bring even lower prices.

The Irish Petrol Retailers Association says prices have dropped by over 50 cent a litre in the past two years.

Spokesman David Blevings says there could be further falls, with prices set to fall by one 1.5-2 cent per litre by the end of January.

Those changes will take a further two to three weeks to take effect on actual consumer retail prices, while Goldman-Sachs are predicting that prices may drop as low as $20 per barrel, which will lower the prices for consumers even further.