Weekly average Tapis (Asian crude) price rose 5.8 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia fell from $US 21.90 to $US 19.98 a barrel this past week, equal to a fall of 2.5 cpl in $A.
Global prices were erratic in Friday trading due to the following factors :
1. Saudi Arabia and Russia said they were ready to take more measures with other OPEC producers to support prices.
2. The US President offered some encouragement that the US economy will soon reopen for business.
3. However Chinese economic data was weak with the Chinese economy falling 6.8% over the year to March.
4. In addition there is still massive crude oversupply – due to an unprecedented drop in global energy consumption. According to Bloomberg, oil traders estimate that COVID-19 has reduced oil demand by 25-30 million barrels per day. And the International Energy Agency projects that global demand will slump by about 9.3 million barrels a day this year - wiping out a decade of growth.
Australian motorists should see further fuel price falls in the order of 7-10 cents per litre over the coming two weeks.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 7.4 pl this past week.
Average regular unleaded prices re now expected to fall towards 87 cents per litre in the coming 2 weeks.
Current average wholesale price for regular unleaded in Sydney is 81.7 cpl, down 3.9 cpl on last week.
Today is Day 32 of the new cycle. The last cycle was 34 days in duration, 3 days longer than the previous cycle.
Current average prices are as follows E10 – 94.5 cpl, Regular – 97.4 cpl, Premium 95 – 112.8 cpl and Premium 98 – 122.5 cpl.
Sydney’s average diesel price is 122.5 cpl, down 3.1 cpl this past week.
Average Sydney LPG price is 80.2 cpl, down 1.9 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 3.9 in Wollongong, 5.4 in Newcastle and 6.8 cpl for the Central Coast.
Over the past week average regular unleaded prices fell 4.4 cpl while diesel prices also fell 3.1 cpl. Over the past six weeks regular unleaded and diesel prices have now fallen 22.3 cpl and 17.1 cpl in regional NSW.
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, Armidale 8.0 cpl, Ballina 8.5 cpl, Bathurst 10.9 cpl and Moama 13.2 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, Casino 5.3 cpl, Lismore 5.8 cpl, Armidale 6.0 cpl and Ballina 6.1 cpl.
World Crude Oil Prices
Over the previous week:
• The average crude oil price fell 2.7 cents per litre; and
• Sydney’s Terminal Gate Price for regular unleaded fell 3.9 cents per litre to 81.7 cents per litre.
Sydney’s last price cycle lasted 34 days, 3 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 97.4 cents per litre (Monday morning).
The most expensive point of the current cycle was Friday 20 March at 142.3 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 141.4, 161.1 and 164.7 cents per litre respectively.
Over the past week, the average Mogas price fell 2.5 cents per litre with the Australian dollar rising 1.5 cents to 63.6 cents against the US dollar. Average unleaded prices have fallen 7.5 cents per litre this past week, with 7-10 cents per litre falls now expected in the next 14 days.
Average regular unleaded prices in Sydney should range between 142 cents per litre (at the high point of the current cycle) and 87 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 141 cents per litre and a low point of 84 cents per litre.
Premium 95 – a high point of 161 cents per litre and a low point of 102 cents per litre.
Premium 98 – a high point of 165 cents per litre and a low point of 108 cents per litre.
Sydney’s current average diesel price is 122.5 cents per litre – down 3.1 cents per litre this past week.
The current average LPG price in Sydney is 80.2 cents per litre – down 1.9 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.