Weekly average Tapis (Asian crude) price fell 0.7 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 46.60 to $US 45.86 a barrel this past week, equal to a 1.4 cents per litre fall in $A .
Global prices were weaker last week as financial markets priced in lower prices due to the second wave of the COVID 19 VIRUS taking hold. The following factors are impacting on global prices.
1. Continuing investor nervousness as the second wave of the COVID 19 virus gathers momentum, dampening economic activity and supressing fuel demand.
2. A new economic stimulus package is being negotiated in the US – as the June quarter US economic activity numbers fell the most since World War II.
3. Heighten US – China political tensions.
4. OPEC+ cartel set to step up output increasing global supply by 1.5 million barrels per day.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 7.4 cpl this past week.
Average regular unleaded prices are slowly falling in the Sydney market and are now expected to fall to 106 cpl in the next 1-2 weeks.
Current average wholesale price for regular unleaded in Sydney is 102.3 cpl, down 1 cpl on last week.
Today is Day 15 of the current cycle. The last cycle was 37 days in duration, 5 days longer than the previous cycle.
Current average prices are as follows E10 – 122.2 cpl, Regular – 123.8 cpl, Premium 95 – 138.6 cpl and Premium 98 – 144.7 cpl.
Sydney’s average diesel price is 118.3 cpl, down 0.1 cpl this past week.
Average Sydney LPG price is 76.8 cpl, down 0.2 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 0.1 cpl in Wollongong, 0.3 cpl for the Central Coast and 0.5 cpl in Newcastle.
Over the past week average regular unleaded prices were stable last week while diesel prices fell 0.1 cpl
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises, Yass 2.4 cpl.
2. Regular Unleaded prices – falls, Kempsey 2.6 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, Cootamundra 2.9 cpl.
World Crude Oil Prices
Over the previous week:
• The average crude oil price in the Asian market fell 0.7 cents per litre and
• Sydney’s Terminal Gate Price for regular unleaded fell 1 cent per litre to 102.3 cents per litre.
Sydney’s last price cycle lasted 37 days, 5 days longer than previous cycle. Today is day 15 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 123.6 cents per litre (Monday morning).
The most expensive point of the current cycle is today Monday 20 July at 136.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 135.9, 154.5 and 159.3 cents per litre respectively.
Over the past week, the average Mogas price fell 1.4 cents per litre with the Australian dollar rising 1.1 cents to 72.1 cents against the US dollar. Average regular unleaded prices fell 7 cents per litre last week and are expected to fall to 106 cents per litre over the next 1-2 weeks.
Average regular unleaded prices in Sydney should range between 106 cents per litre (at the low point of this cycle) and 134 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 104 cents per litre and a low point of 132 cents per litre.
Premium 95 – a low point of 123 cents per litre and a low point of 151 cents per litre.
Premium 98 – a low point of 129 cents per litre and a low point of 157 cents per litre.
Sydney’s current average diesel price is 118.3 cents per litre – down 0.1 cents per litre this past week.
The current average LPG price in Sydney is 76.8 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.