Summary 23 March 2020
Weekly average Tapis (Asian crude) price fell 4.1 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia fell from US$ 42.59 to $US 29.09 a barrel this past week, equal to a fall of 10.6 cpl in $A.
Global oil prices are now at the lowest since December 2003 due to the following factors:
1. Expansion of coronavirus cases across 169 countries.
2. Ongoing stoush between Saudi Arabia and Russia with both nations intending to flood the global market with excess supply.
3. Heightened fears that the COVID-19 VIRUS will slow economic growth and therefore demand for energy products. Investors have continued to focus on the spread of cases outside China.
4. As a result most Central Banks have reduced interest rates, and Governments are now putting in place stimulus packages to address the economic slowdown.
Australian motorists could see regular unleaded falling through the $1 per litre mark in the next 2-4 weeks. Adelaide has already fallen below the $1 level.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have risen 8.2 cpl this past week.
Average regular unleaded prices peaked last Friday at 142.3 cpl and are now expected to fall to at least 98 cpl in the next 2-4 weeks.
Current average wholesale price for regular unleaded in Sydney is 94.3 cpl, down 11.9 cpl on last week.
Today is Day 4 of the newt cycle. The last cycle was 34 days in duration, 3 days longer than the previous cycle.
Current average prices are as follows E10 – 137.5 cpl, Regular – 139.0 cpl, Premium 95 – 156.5 cpl and Premium 98 – 160.7 cpl.
Sydney’s average diesel price is 134.6 cpl, down 4.6 cpl this past week.
Average Sydney LPG price is 84.1 cpl, down 0.8 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 3.2 cpl for the Central Coast, 6.1 cpl in Newcastle and 6.6 cpl in Wollongong.
Over the past week average regular unleaded prices fell 3.2 cpl while diesel prices fell 3.1 cpl. Over the past two weeks regular unleaded and diesel prices have now fallen 6.2 cpl and 5.0 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, Mittagong and Singleton 8.5 cpl and 11.0 cpl in Wauchope.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, 6.5 cpl in Tamworth, 8.2 cpl in Port Macquarie, and 8.3 cpl in Wauchope.
World Crude Oil Prices
Over the previous week:
- The average crude oil price fell 4.1 cents per litre; and
- Sydney’s Terminal Gate Price for regular unleaded fell 11.9 cents per litre to 94.3 cents per litre.
Sydney’s last price cycle lasted 34 days, 3 days shorter than previous cycle. Today is day 4 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 139.0 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 10.6 cents per litre with the Australian dollar falling 4.5 cents to 58.5 cents against the US dollar. Average unleaded prices peaked last Friday at 142.3 cents per litre and should fall below $1 per litre in the next 2-4 weeks.
Average regular unleaded prices in Sydney should range between 142 cents per litre (at the high point of the current cycle) and 98 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 96 cents per litre.
Premium 95 – a high point of 161 cents per litre and a low point of 116 cents per litre.
Premium 98 – a high point of 165 cents per litre and a low point of 120 cents per litre.
Sydney’s current average diesel price is 134.6 cents per litre – down 4.6 cents per litre this past week.
The current average LPG price in Sydney is 84.1 cents per litre – down 0.8 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.