Weekly average Tapis (Asian crude) price rose 1.9 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia fell from $US 37.20 to $US 36.54 a barrel this past week, equal to a fall of 1.0 cpl in $A.
Global prices continued to trend upwards over the past week due to the following factors :
• Increasing investor optimism as major world economies come out of lockdown leading to stronger fuel demand.
• Improving crude sentiment after OPEC members Nigeria and Algeria both lifted the official selling prices for their oil supply.
• Cautious optimism that the US-China trade deal may remain intact
• Bloomberg reported “OPEC+ is set to discuss a short extension of its current output cuts, according to a delegate, as the cartel considers bringing forward its next meeting a few days to June 4.” This will lead to higher fuel prices.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 3.4 cpl this past week.
Average regular unleaded prices are now expected to fall to 99 cpl over the coming week.
Current average wholesale price for regular unleaded in Sydney is 96.6 cpl, down 1.4 cpl on last week.
Today is Day 21 of the current cycle. The last cycle was 53 days in duration, 19 days longer than the previous cycle.
Current average prices are as follows E10 – 101.8 cpl, Regular – 103.5 cpl, Premium 95 – 1218.1 cpl and Premium 98 – 124.4 cpl.
Sydney’s average diesel price is 115.3 cpl, down 0.2 cpl this past week.
Average Sydney LPG price is 77.2 cpl, stable this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 0.3 cpl in Wollongong, 1.1 cpl fpr the Central Coast region and 1.3 cpl in Newcastle.
Over the past week average regular unleaded prices rose 0.3 cpl while diesel prices fell 0.1 cpl.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises, Bathurst 2.0 cpl, Buronga 2.5 cpl and Moruya 3.9 cpl.
2. Regular Unleaded prices – falls, Moss Vale 2.0 cpl, Maitland 2.2 cpl and Goulburn 2.3 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, nil.
World Crude Oil Prices
Over the previous week:
• The average crude oil price rose 1.9 cents per litre; and
• Sydney’s Terminal Gate Price for regular unleaded fell 1.4 cents per litre to 96.6 cents per litre.
Sydney’s last price cycle lasted 53 days, 19 days longer than previous cycle. Today is day 21 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 103.5 cents per litre (Monday morning).
The most expensive point of the current cycle was Tuesday 12 May at 114.0 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 112.4, 129.9 and 135.4 cents per litre respectively.
Over the past week, the average Mogas price fell 1 cent per litre with the Australian dollar rising 1.2 cents to 66.6 cents against the US dollar. Average regular unleaded prices have fallen 3.5 cents per litre this past week, and are now expected to fall to 99 cents per litre over the coming week.
Average regular unleaded prices in Sydney should range between 114 cents per litre (at the high point of the current cycle) and 99 cents per litre (at the low point of the current cycle).
The average price ranges for E10, Premium 95 and Premium 98 should be as follows:
E10 – a high point of 112 cents per litre and a low point of 97 cents per litre.
Premium 95 – a high point of 130 cents per litre and a low point of 115 cents per litre.
Premium 98 – a high point of 135 cents per litre and a low point of 120 cents per litre.
Sydney’s current average diesel price is 115.3 cents per litre – down 0.2 cents per litre this past week.
The current average LPG price in Sydney is 77.2 cents per litre – stable this past week.
*Forecast estimates only, we recommend using the fuel search in the my nrma app to compare fuel prices in real-time.
NRMA produces a weekly fuel report to help Members be better informed on petrol prices and the fuel cycle to help with savings at the bowser. The NRMA Member exclusive my nrma app also has fuel finder functionality comparing the price of fuel in the NSW searched area.