Tapis and Mogas 95 prices have rebounded 44 per cent and 41 per cent over the past two weeks.
Weekly average Tapis (Asian crude) price rose 2.7 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 26.66 to $US 32.05 a barrel this past week, equal to a rise of 4.5 cpl in $A.
Global prices continued to rise over the past week due to the following factors :
• Increasing Investor optimism that easing of lockdown restrictions in advanced nations will lead to stronger fuel demand.
• International Energy Agency said the outlook for oil markets had "improved somewhat." And BP CFO Brian Gilvray said "this week we've seen demand surge back" as cars return to the road.
• Falling US crude oil stockpiles the first decline since January 2020.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 1.3 cpl this past week.
Average regular unleaded prices peaked at 114 cpl last Tuesday and are now expected to fall to 97 cpl over the next 2-3 weeks.
Current average wholesale price for regular unleaded in Sydney is 95.0 cpl, up 1.5 cpl on last week.
Today is Day 7 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 – 111.7 cpl, Regular – 112.7 cpl, Premium 95 – 128.7 cpl and Premium 98 – 134.2 cpl.
Sydney’s average diesel price is 115.8 cpl, down 0.3 cpl this past week.
Average Sydney LPG price is 77.3 cpl, down 0.5 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have risen 0.8 cpl for both the Central Coast region and Newcastle and 1.4 cpl in Wollongong.
Over the past week average regular unleaded prices rose 1.0 cpl while diesel prices fell 0.4 cpl.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises, Gundagai 7.0 cpl, Armidale and Yass 7.7 cpl and Orange 9.0 cpl.
2. Regular Unleaded prices – falls, Bega 5.6 cpl and Tumut 6.4 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, Tumut 4.8 cpl and Bega 5.3 cpl.
World Crude Oil Prices
Over the previous week:
• The average crude oil price rose 2.7 cents per litre; and
• Sydney’s Terminal Gate Price for regular unleaded rose 1.5 cents per litre to 95.0 cents per litre.
Sydney’s last price cycle lasted 53 days, 19 days longer than previous cycle. Today is day 7 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 112.7 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 rose 4.5 cents per litre with the Australian dollar falling 0.8 cents to 64.6 cents against the US dollar. Average regular unleaded prices have fallen 0.5 cents per litre this past week, after peaking at 114 cents per litre, and are now expected to fall to 97 cents per litre over the next 2-3 weeks.
Average regular unleaded prices in Sydney should range between 114 cents per litre (at the high point of the current cycle) and 97 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 95 cents per litre.
Premium 95 – a high point of 130 cents per litre and a low point of 113 cents per litre.
Premium 98 – a high point of 135 cents per litre and a low point of 118 cents per litre.
Sydney’s current average diesel price is 115.8 cents per litre – down 0.3 cents per litre this past week.
The current average LPG price in Sydney is 77.3 cents per litre – down 0.5 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.