Summary 21 October 2019
1. Optimism over a US-China trade deal balanced soft Chinese economic data.
2. Investors mulled the latest IMF economic growth forecasts, US-China trade news and comments by OPEC officials that they were committed to stability in the oil market.
3. News of a ceasefire in Northern Syria supported oil prices.
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 0.4 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded decreased 0.8 cents per litre to 136.0 cents per litre.
Sydney’s last price cycle lasted 20 days, 8 days shorter than previous cycle. Today is day 20 of the price cycle, with the average price for regular unleaded fuel in Sydney at 143.3 cents per litre (Monday morning).
The most expensive point of the current cycle was Wednesday 2 October at 163.1 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 162.0, 180.9 and 185.6 cents per litre respectively.
Over the past week, the average Mogas price fell 2.4 cents per litre with the Australian dollar rising 0.5 cents to 68.3 cents against the US dollar. With prices starting to rise in the Sydney market, average unleaded petrol prices are expected to reach to 162 cents per litre this week.
Average regular unleaded prices in Sydney should range between 162 cents per litre (at the high point of the new cycle) and 137 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 160 cents per litre and a low point of 135 cents per litre.
Premium 95 – a high point of 179 cents per litre and a low point of 152 cents per litre.
Premium 98 – a high point of 186 cents per litre and a low point of 159 cents per litre.
Sydney’s current average diesel price is 148.7 cents per litre – stable this past week.
The current average LPG price in Sydney is 76.6 cents per litre – down 0.2 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.