Summary 20 January 2020
However this may be offset in the coming weeks, if the signed US-China trade deal leads to a higher Chinese demand for imported crude oil.
In addition OPEC oil nations together with Russia are continuing to restrain production. So while there has been some easing of oil prices from current highs, there is unlikely to be significant declines in fuel prices going forward.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 3.7 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded fell 2.9 cents per litre to 131.6 cents per litre.
Sydney’s last price cycle lasted 33 days, 14 days longer than previous cycle. Today is day 6 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 156.7 cents per litre (Monday morning).
The most expensive point of the current cycle was Wednesday 15 January at 164.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 163.7, 181.8 and 186.8 cents per litre respectively.
Over the past week, the average Mogas price fell 2.8 cents per litre with the Australian dollar rising 0.2 cents to 69.0 cents against the US dollar. Average unleaded prices are falling from the top of the cycle in the Sydney market and are now expected to fall to 133 cents per litre over the next 2-3 weeks.
Average regular unleaded prices in Sydney should range between 133 cents per litre (at the low point of the current cycle) and 162 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 131 cents per litre and a high point of 160 cents per litre.
Premium 95 – a low point of 149 cents per litre and a high point of 179 cents per litre.
Premium 98 – a low point of 155 cents per litre and a high point of 185 cents per litre.
Sydney’s current average diesel price is 149.5 cents per litre – down 0.2 cents per litre this past week.
The current average LPG price in Sydney is 85.8 cents per litre – up 0.6 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.