Summary 2 March 2020
1. New coronavirus cases are now being reported in Asia, Europe and the Middle East.
2. Further reductions in crude oil supplies – Reuters quoted that, Saudi Arabia is reducing crude supplies to China in March by at least 500,000 barrels per day.
3. Heightened fears that the virus known as COVID-19 will slow economic growth and therefore demand for energy products. Investors focussed on the spread of cases outside China. While OPEC+ nations meet on March 5&6 to discuss production cuts, Russia is still determining its position.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 3.2 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded fell 2.9 cents per litre to 124.8 cents per litre.
Sydney’s last price cycle lasted 31 days, 2 days shorter than previous cycle. Today is day 17 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 127.5 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 4.1 cents per litre with the Australian dollar falling 0.9 cents to 65.2 cents against the US dollar. Average unleaded prices are nearing the bottom of the current cycle in the Sydney market and are expected to fall to at least 126 cents per litre this week.
Average regular unleaded prices in Sydney should range between 126 cents per litre (at the low point of the current cycle) and 156 cents per litre (at the high point of the new cycle).
The average price ranges for E10, Premium 95 and Premium 98 should be as follows:
E10 – a low point of 124 cents per litre and a high point of 154 cents per litre.
Premium 95 – a low point of 141 cents per litre and a high point of 171 cents per litre.
Premium 98 – a low point of 147 cents per litre and a high point of 177 cents per litre.
Sydney’s current average diesel price is 144.7 cents per litre – down 1.2 cents per litre this past week.
The current average LPG price in Sydney is 85.3 cents per litre – down 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.