Summary 28 October 2019
1. Concern that OPEC production cuts won't be sufficient to match slowing world demand for Oil.
2. Optimism on a US-China trade deal.
3. On- going speculation re the latest IMF economic growth Forecasts.
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 0.3 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded decreased 3.9 cents per litre to 132.1 cents per litre.
Sydney’s last price cycle lasted 24 days, 4 days longer than previous cycle. Today is day 3 of the price cycle, with the average price for regular unleaded fuel in Sydney at 161.6 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 26 October at 162.5 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 161.5, 179.5 and 184.4 cents per litre respectively.
Over the past week, the average Mogas price fell 3 cents per litre with the Australian dollar falling 0.1 cents to 68.2 cents against the US dollar. With prices at the top of cycle in the Sydney market, average unleaded petrol prices are expected to fall to 133 cents per litre over the next 2-3 weeks.
Average regular unleaded prices in Sydney should range between 133 cents per litre (at the lowh 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 131 cents per litre and a high point of 157 cents per litre.
Premium 95 – a low point of 148 cents per litre and a high point of 176 cents per litre.
Premium 98 – a low point of 155 cents per litre and a high point of 183 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 – stable 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.