NRMA finds that petrol prices have hit a 13-month high

The NRMA has found petrol prices in Sydney are also nearing the top of the cycle and encourages motorists to continue to shop around to find savings.

While the average price for regular unleaded in Sydney today is 213 cents per litre, you can find fuel under 180 cents per litre with prices as low as 173.2 cents per litre in Western Sydney. The wholesale price for regular unleaded in Sydney today is 182.2 cents per litre.

Across Sydney 30 per cent of all service stations are currently selling regular unleaded for under $2 per litre. Almost 56 per cent of service stations are selling regular unleaded for over 220 cents per litre. NRMA spokesperson Peter Khoury said global oil prices remained extremely volatile which was having a significant impact on petrol prices across Australia.

“Petrol pain continues to have a negative impact on Australian families, with high prices adding to Australia’s inflationary pressure and hurting family budgets – hitting a 13-month high this week only adds to the pain,” Mr Khoury said.

“The ongoing conflict in Ukraine, slow manufacturing growth in China, and a falling Australian dollar are some of the factors influencing prices. OPEC and other oil producers are also continuing to keep oil production tight, impacting supply.

“Sydney is now nearing the top of the cycle. If the terminal gate price stays close to what it is now, we can expect prices to start to fall from next week, with prices reaching the mid-180s at the bottom of the cycle in the next 3-4 weeks.

“The NRMA encourages motorists to shop around for the best price. Before leaving home to fill up, motorists should jump onto the My NRMA app, or the fuel check app for their state to find the best local price in their area.”