Weekly average Tapis (Asian crude) price was stable last week at 39.6 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 47.78 to $US 46.41 a barrel this past week, equal to a 1.4 cpl fall in $A.
Global prices have fallen marginally this past week as financial markets are trying to forecast future price movements given a number of opposing forces, thereby placing global prices in a holding wait and see position. The following factors are impacting on global prices.
1. Ongoing investor nervousness that a second wave of the COVID 19 virus is taking hold, which will dampen economic activity and supress fuel demand.
2. Improving economic data in China, and several western European countries as recovery out of COVID 19 lockdowns continue.
3. Continuing falls in US crude oil inventory stock levels.
4. OPEC+ nations set to trim record supply cuts.
5. Russia crude oil producers are preparing to lift production from August.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have risen 20.6 cpl this past week.
Average regular unleaded prices are expected to peak at 137 cpl early this week.
Current average wholesale price for regular unleaded in Sydney is 104.0 cpl, down 1.0 cpl on last week.
Today is Day 38 of the current cycle. The last cycle was 32 days in duration, 21 days shorter than the previous cycle.
Current average prices are as follows E10 – 135.9 cpl, Regular – 136.6 cpl, Premium 95 – 154.5 cpl and Premium 98 – 159.3 cpl.
Sydney’s average diesel price is 118.2 cpl, up 0.5 cpl this past week.
Average Sydney LPG price is 77.1 cpl, up 0.1 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 0.6 cpl in Wollongong, 1.3 cpl in Newcastle and 1.4 cpl for the Central Coast.
Over the past week average regular unleaded prices have risen 0.3 cpl and diesel prices have risen 0.2 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, nil.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, nil.
World Crude Oil Prices
Over the previous week:
• The average crude oil price was stable at 39.6 cents per litre and
• Sydney’s Terminal Gate Price for regular unleaded fell 1 cent per litre to 104.0 cents per litre.
Sydney’s last price cycle lasted 32 days, 21 days shorter than previous cycle. Today is day 38 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 136.6 cents per litre (Monday morning).
The most expensive point of the current cycle is today Monday 20 July at 136.6 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 135.9, 154.5 and 159.3 cents per litre respectively.
Over the past week, the average Mogas price fell 1.4 cents per litre with the Australian dollar rising 0.5 cents to 69.8 cents against the US dollar. Average regular unleaded prices rose 19.6 cents per litre last week, and are nearing the top of the new price cycle peak. Average prices are expected to peak at 137 cents per litre early this week.
Average regular unleaded prices in Sydney should range between 137 cents per litre (at the high point of the new cycle) and 110 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 135 cents per litre and a low point of 108 cents per litre.
Premium 95 – a high point of 154 cents per litre and a low point of 125 cents per litre.
Premium 98 – a high point of 160 cents per litre and a low point of 131 cents per litre.
Sydney’s current average diesel price is 118.2 cents per litre – up 0.5 cents per litre this past week.
The current average LPG price in Sydney is 77.1 cents per litre – up 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.