Summary 16 March 2020
Weekly average Tapis (Asian crude) price fell 14.4 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia fell from US$ 58.11 to $US 42.59 a barrel this past week, equal to a fall of 14.2 cpl in $A.
Global oil prices are now at the lowest since December 2008 due to the following factors:
1. Expansion of coronavirus cases across 142 countries.
2. The ongoing stoush between Saudi Arabia and Russia with both nations intending to flood the global market with excess supply.
3. Heightened fears that the COVID-19 VIRUS will slow economic growth and therefore demand for energy products. Investors have continued to focus on the spread of cases outside China.
4. As a result most Central Banks have reduced interest rates, and Governments are now putting in place stimulus packages to address the economic slowdown.
Australian motorists could see fall of between 10-15 cpl for both unleaded and diesel prices, over the next 2-4 weeks.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 7.1 cpl this past week.
Average regular unleaded prices are rising and may reach around 138-139 cpl this week.
Current average wholesale price for regular unleaded in Sydney is 106.3 cpl, down 14.3 cpl on last week.
Today is Day 31 of the current cycle. The last cycle was 31 days in duration, 2 days shorter than the previous cycle.
Current average prices are as follows E10 – 129.4 cpl, Regular – 130.6 cpl, Premium 95 – 148.2 cpl and Premium 98 – 152.7 cpl.
Sydney’s average diesel price is 139.2 cpl, down 3.5 cpl this past week.
Average Sydney LPG price is 84.9 cpl, down 0.2 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 5.9 cpl for the Central Coast, 6.7 cpl in Wollongong and 7.9 cpl in Newcastle.
Over the past week average regular unleaded prices fell 3.0 cpl while diesel prices fell 2.9 cpl.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises nil.
2. Regular Unleaded prices – falls, Maitland 9.3 cpl, Nowra 9.7 cpl and Singleton 9.8 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, 5.7 cpl in Moss Vale and Port Macquarie, 6.0 cpl in Bathurst and 6.1 cpl in Orange.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 14.4 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded fell 14.3 cents per litre to 106.2 cents per litre.
Sydney’s last price cycle lasted 31 days, 2 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 130.6 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 15 February at 159.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 158.3, 177.2 and 181.8 cents per litre respectively.
Over the past week, the average Mogas price fell 14.2 cents per litre with the Australian dollar falling 2.9 cents to 63.1 cents against the US dollar. Average unleaded prices are rising to the top of the new current cycle in the Sydney market and may peak in the high 130s cents per litre this week.
Average regular unleaded prices in Sydney should range between 138 cents per litre (at the high point of the new cycle) and 108 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 136 cents per litre and a low point of 106 cents per litre.
Premium 95 – a high point of 153 cents per litre and a low point of 123 cents per litre.
Premium 98 – a high point of 159 cents per litre and a low point of 129 cents per litre.
Sydney’s current average diesel price is 139.2 cents per litre – down 3.5 cents per litre this past week.
The current average LPG price in Sydney is 84.9 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.