Summary 10 February 2020
1. Investors remaining cautious that the coronavirus outbreak will dampen global economic activity and demand for oil. But OPEC sources told Reuters that the OPEC+ group (OPEC and Russia and other allies) could cut production by 500,000 barrels per day.
2. However, Russia said that it needed more time to decide if the OPEC+ group should cut oil output further to support prices in the wake of the coronavirus outbreak
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 3.4 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded fell 1.5 cents per litre to 125.7 cents per litre.
Sydney’s last price cycle lasted 33 days, 14 days longer than previous cycle. Today is day 27 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 139.1 cents per litre (Monday morning).
The most expensive point of the current cycle was Wednesday 15 January at 164.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 163.7, 181.8 and 186.8 cents per litre respectively.
Over the past week, the average Mogas price fell 0.9 cents per litre with the Australian dollar falling 0.1 cents to 67.2 cents against the US dollar. Average unleaded prices are rising to the top of the new cycle in the Sydney market and are now expected to peak at 156 cents per litre this week.
Average regular unleaded prices in Sydney should range between 156 cents per litre (at the high point of the new cycle) and 126 cents per litre (at the low point of the new cycle).
The average price ranges for E10, Premium 95 and Premium 98 should be as follows:
E10 – a high point of 154 cents per litre and a low point of 124 cents per litre.
Premium 95 – a high point of 170 cents per litre and a low point of 140 cents per litre.
Premium 98 – a high point of 176 cents per litre and a low point of 146 cents per litre.
Sydney’s current average diesel price is 147.2 cents per litre – down 0.8 cents per litre this past week.
The current average LPG price in Sydney is 85.5 cents per litre – down 0.2 cents per litre 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.