Summary 23 September 2019
1. More tense geopolitical factors in the Middle East that could result in more supply disruptions, including the US President Trump ordering Federal Treasury to "substantially increase sanctions" on Iran.
2. A follow up re point 1 as reported by Reuters “ A Saudi-led coalition on Friday launched a military operation north of Yemen's port city of Hodeidah while the United States worked with Middle East and European nations to build a coalition to deter Iranian threats”
World Crude Oil Prices
Over the previous week:
Sydney’s last price cycle lasted 28 days, 2 days shorter than the previous cycle. Today is day 12 of the price cycle, with the average price for regular unleaded fuel in Sydney at 139.2 cents per litre (Monday morning).
Over the past week, the average Mogas price rose 7.9 cents per litre with the Australian dollar falling 0.7 cents to 68.0 cents against the US dollar. With prices at the bottom of the cycle in the Sydney market, average unleaded petrol prices are expected to start rising from 139 cents per litre over the next 2 weeks.
Average regular unleaded prices in Sydney should range between 139 cents per litre (at the low point of the current cycle) and 166 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 137 cents per litre and a high point of 164 cents per litre.
Premium 95 - a low point of 153 cents per litre and a high point of 180 cents per litre.
Premium 98 - a low point of 160 cents per litre and a high point of 187 cents per litre.
Sydney’s current average diesel price is 146.9 cents per litre – up 1.6 cents per litre this past week.
The current average LPG price in Sydney is 76.3 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.