Weekly average Tapis (Asian crude) price rose 0.8 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia rose from $US 45.75 to $US 47.78 a barrel this past week, equal to a 1.5 cpl rise in $A.
Global prices have risen this past week as financial markets continue to exhibit volatile pricing behaviour. The following factors are impacting on global prices.
1. International Energy Agency lifting its 2020 forecast for global oil demand.
2. According to Reuters Saudi Arabia has spiked its official selling prices in a sign of a recovery in demand.
3. Ongoing investor nervousness that a second wave of the COVID 19 virus is taking hold, which will dampen economic activity and supress fuel demand.
4. Resumption of crude production at the Messla oil field and Sarir refinery in Libya boosting supply
5. Improving economic data as the Chinese economy continues its recovery from the COVID 19 lockdown.
6. Falling US crude oil inventory stock levels.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have risen 5.9 cpl this past week.
Average regular unleaded prices are starting to rise to the top of the new price cycle. Prices are now expected to peak at around 133 cpl towards the end of this week.
Current average wholesale price for regular unleaded in Sydney is 105.0 cpl, up 1.5 cpl on last week.
Today is Day 31 of the current cycle. The last cycle was 32 days in duration, 21 days shorter than the previous cycle.
Current average prices are as follows E10 – 115.7 cpl, Regular – 116.0 cpl, Premium 95 – 133.5 cpl and Premium 98 – 138.7 cpl.
Sydney’s average diesel price is 117.7 cpl, up 0.4 cpl this past week.
Average Sydney LPG price is 77.0 cpl, up 0.1 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 1.4 cpl in Wollongong, 2.2 cpl in Newcastle and 2.3 cpl for the Central Coast.
Over the past week average regular unleaded prices were stable while diesel prices rose 0.1 cpl.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises, Buronga 3.0 cpl.
2. Regular Unleaded prices – falls, Dubbo 2.1 cpl, Broken Hill and Maitland 3.1 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, Broken Hill 2.3 cpl.
World Crude Oil Prices
Over the previous week:
• The average crude oil price rose 0.8 cents per litre; and
• Sydney’s Terminal Gate Price for regular unleaded rose 1.5 cents per litre to 105.0 cents per litre.
Sydney’s last price cycle lasted 32 days, 21 days shorter than previous cycle. Today is day 31 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 116.0 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 13 June at 127.8 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 126.6, 144.5 and 149.6 cents per litre respectively.
Over the past week, the average Mogas price rose 1.5 cents per litre with the Australian dollar stable at 69.3 cents against the US dollar. Average regular unleaded prices fell to 109 cents per litre last week, and have started to rise to the top of the new price cycle peak. Average prices are expected to reach 133 cents per litre this week.
Average regular unleaded prices in Sydney should range between 133 cents per litre (at the high point of the new cycle) and 110 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 131 cents per litre and a low point of 108 cents per litre.
Premium 95 – a high point of 149 cents per litre and a low point of 125 cents per litre.
Premium 98 – a high point of 155 cents per litre and a low point of 131 cents per litre.
Sydney’s current average diesel price is 117.7 cents per litre – up 0.4 cents per litre this past week.
The current average LPG price in Sydney is 77.0 cents per litre – up 0.1 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.