Summary 13 January 2020
1. Middle East tensions between US and Iran.
2. Reduced supply - OPEC oil output fell in December as Iraq and Nigeria tightened compliance with quotas.
3. Rising US crude stockpiles.
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 1.1 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded was stable at 134.4 cents per litre.
Sydney’s last price cycle lasted 19 days, 10 days shorter than previous cycle. Today is day 32 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 162.1 cents per litre (Monday morning).
The most expensive point of the current cycle was Friday 13 December at 166.2 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 164.9, 183.5 and 188.8 cents per litre respectively.
Over the past week, the average Mogas price rose 0.5 cents per litre with the Australian dollar falling 0.9 cents to 68.7 cents against the US dollar. Average unleaded prices are nearing the top of the cycle in the Sydney market and are now expected to peak at 165 cents per litre over the next 2-3 days.
Average regular unleaded prices in Sydney should range between 165 cents per litre (at the high point of the new cycle) and 135 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 163 cents per litre and a low point of 133 cents per litre.
Premium 95 – a high point of 181 cents per litre and a low point of 151 cents per litre.
Premium 98 – a high point of 187 cents per litre and a low point of 157 cents per litre.
Sydney’s current average diesel price is 149.7 cents per litre – stable this past week.
The current average LPG price in Sydney is 85.2 cents per litre – up 6.7 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.