Summary 31 December 2019
1. Falling US inventory stock levels – much higher than anticipated,
2. Deepening output cuts by OPEC+ alliance producers and
3. Ongoing US – China trade talks
World Crude Oil Prices
Over the previous week:
* The average crude oil price rose 1.4 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded increased 1.9 cents per litre to 135.1 cents per litre.
Sydney’s last price cycle lasted 19 days, 10 days shorter than previous cycle. Today is day 18 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 137.5 cents per litre (Monday afternoon).
The most expensive point of the current cycle was Friday 13 December at 166.2 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 164.9, 183.5 and 188.8 cents per litre respectively.
Over the past week, the average Mogas price rose 1.7 cents per litre with the Australian dollar rising 0.8 cents to 69.9 cents against the US dollar. Average unleaded prices are falling to the bottom of the cycle in the Sydney market and are now expected to bottom out at 135 cents per litre over the next 3-5 days.
Average regular unleaded prices in Sydney should range between 135 cents per litre (at the low point of the current cycle) and 164 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 133 cents per litre and a new point of 162 cents per litre.
Premium 95 – a low point of 151 cents per litre and a high point of 180 cents per litre.
Premium 98 – a low point of 157 cents per litre and a high point of 186 cents per litre.
Sydney’s current average diesel price is 148.9 cents per litre – up 1 cent per litre this past week.
The current average LPG price in Sydney is 77.3 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.