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Weekly fuel price reports


Weekly fuel price reports

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Previous weekly fuel price reports

16 May 2012: Regular unleaded petrol prices should fall 4 cents per litre next week

World crude oil prices

Over the past week:

  • the average crude oil price fell $US4.88 per barrel;
  • the Australian dollar fell 2.1 cents against the American currency; and
  • Sydney’s Terminal Gate price for unleaded fuel fell 2.5 cents per litre.

The combination of falling crude oil prices and lower wholesale prices (see Figure1), offset by a lower Australian dollar should see a 4 cents per litre decrease in unleaded petrol prices over the next week.

Diesel prices should also fall this week due to decreases in the diesel wholesale benchmark price.

Sydney, Canberra, Newcastle, Central Coast and Wollongong prices

Sydney’s most recent price cycle lasted 12 days. The average Sydney unleaded price ranged from 142.5 to 154.4 cents per litre.

Similar price movements were experienced for E10, Premium 95 and Premium 98 unleaded grades.

The dearest point of the past week was Tuesday with the cheapest point of the week being the Saturday.

Average unleaded petrol prices for Canberra, Central Coast, Newcastle and Wollongong rose 10.6, 3.6, 3.2 and 0.2 cents per litre respectively over the past week.

Sydney, Canberra, Newcastle, Central Coast and Wollongong prices

Sydney’s most recent price cycle lasted 12 days. The average Sydney unleaded price ranged from 142.5 to 154.4 cents per litre.

Similar price movements were experienced for E10, Premium 95 and Premium 98 unleaded grades.

The dearest point of the past week was Tuesday with the cheapest point of the week being the Saturday.

Average unleaded petrol prices for Canberra, Central Coast, Newcastle and Wollongong rose 10.6, 3.6, 3.2 and 0.2 cents per litre respectively over the past week.

Regional Prices

Most regional towns have experienced relatively stable average unleaded petrol prices this past week.

Looking ahead to next week

Over the past week, the average Mogas price fell 4.1 cents per litre while the average Terminal Gate price for unleaded fuel fell 2.5 cents per litre.

Given the current market forces with a decrease in the Mogas price, lower wholesale price and a falling Australian dollar, regular unleaded petrol prices should fall 4 cents per litre next week.

Average regular unleaded prices in Sydney should be between 139 and 152 cents per litre during the next price cycle.

Average diesel prices in Sydney should fall below 151 cents per litre next week.

The May contract price for LGP has fallen 6 cents per litre. Average LPG pump prices should fall 2 cents per litre over the next week to 70 cents per litre.

Price-changing facts

  1. A 12-day price cycle occurred in Sydney (same length as previous cycle).

  2. Average diesel wholesale prices have fallen 1.4 cents per litre over the past week.

    The Australian dollar fell from 102.67 cents to 100.53 cents against the American currency.

Figure 1: Average Sydney Terminal Gate Price movements since 1 May 2012 (cents per litre)

 

Key

  • Mogas is the reference price for crude oil which is the refined gasoline product for used in a motor vehicle.
  • Gasoil is the equivalent reference price for diesel.
  • Terminal Gate price is the wholesale price for fuel as delivered from the terminal.

Report written by Wal Setkiewicz, NRMA Senior Economic Adviser, 16 May 2012.

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