Bedlam on global markets to impact Easter petrol prices: NRMA
Australia’s regional benchmark for oil, Tapis, has been in freefall since the Trump Administration launched its global tariff war in the first week of April – falling $US 10 a barrel over the last week while the Terminal Gate Price for regular unleaded dropped eight cents to 157.6 cents per litre.
Heading into the extended Easter and ANZAC Day public holidays plummeting fuel prices should be felt across Australia as falls eventually get passed on at the bowser.
In Sydney, the average for regular unleaded has fallen to the bottom of the cycle at 168.5 cents per litre with falls expected to continue. According to the my NRMA App almost three-quarters (73%) of Sydney service stations are selling regular unleaded for less than 170 cents per litre.
Melbourne has hit the top of its cycle at 199.1 cents per litre rising further than expected despite consistent falls in oil prices over the last two weeks. Melbournians traveling this week are encouraged to fill up outside the city as prices are likely to be lower regionally.
The price cycles in Brisbane (177 cents per litre) and Adelaide (172.1 cents per litre) are falling slowly after hitting the high point. Today is the cheapest day of the week to fill up in Perth at 165.8 cents per litre while prices across the rest of the country should fall slowly.
NRMA spokesperson Peter Khoury said with OPEC+ expected increase in supply of oil on the global market in May Australian motorist should, theoretically, expect further relief at the bowser yet warned the extreme volatility on global markets could see things change overnight.
“Nobody could have predicted the extreme volatility of trading conditions brought about by the United States’ global trade war and things continue to change almost by the hour – however what we know today is that relief is finally at hand for Australian drivers,” Mr Khoury said.
“Families will finally get relief – either because prices are falling further than we had originally predicted before the market crashed - or because they did not rise as high as anticipated in Melbourne and Brisbane.
“Making the most of these lower prices is critical for families and we are urging Australians taking a road trip these holidays to get on the my NRMA App before they fill up because regardless of where you live in Australia there is, finally, relief at the bowser if you do your research first.”
- Sydney average for regular unleaded 168.5 bottom of the cycle
- Melbourne 199.1 and top of the cycle
- Brisbane 177 falling slowly
- Adelaide 172.1 falling
- Perth 165.8 fill up today
- Canberra 178.9 falling slowly
- Darwin 180 falling slowly
- Hobart 180.5 falling slowly
