Summary 24 February 2020
1. Much smaller-than-anticipated rise in US crude oil stocks.
2. US sanctions on Russia's major oil exploration company Rosneft is expected to limit Venezuelan crude exports
3. Investors anticipation that the OPEC+ group (OPEC and allies such as Russia) will approve a proposal to cut production further in order to support prices.
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 2.5 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded rose 1.2 cents per litre to 127.7 cents per litre.
Sydney’s last price cycle lasted 31 days, 2 days shorter than previous cycle. Today is day 10 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 138.8 cents per litre (Monday afternoon).
The most expensive point of the current cycle was Saturday 15 February at 159.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 158.3, 177.2 and 181.8 cents per litre respectively.
Over the past week, the average Mogas price rose 1.4 cents per litre with the Australian dollar falling 1.1 cents to 66.1 cents against the US dollar. Average unleaded prices are falling to the bottom of the current cycle in the Sydney market and are now expected to bottom out at 129 cents per litre in the next 1-2 weeks.
Average regular unleaded prices in Sydney should range between 129 cents per litre (at the low point of the current cycle) and 159 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 127 cents per litre and a high point of 157 cents per litre.
Premium 95 – a low point of 144 cents per litre and a high point of 174 cents per litre.
Premium 98 – a low point of 150 cents per litre and a high point of 180 cents per litre.
Sydney’s current average diesel price is 145.9 cents per litre – down 0.7 cents per litre this past week.
The current average LPG price in Sydney is 85.4 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.