Weekly average Tapis (Asian crude) price fell 4.8 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia rose from $US 19.30 to $US 21.21 a barrel this past week, equal to a rise of 1.3 cpl in $A.
Global prices continued to be volatile in trading this past week due to the following factors :
• OPEC and its allies finally agreeing to cut production quotas on May 1.
• Resurfacing of US-China trade tensions. US President Donald Trump threatened to raise tariffs on Chinese goods in retaliation for the spread of the coronavirus
• Potential easing of virus lockdown restrictions in some US states and cities worldwide provided encouragement that the global supply glut could ease over the Northern Hemisphere summer.
• Storage tanks are nearing capacity across the globe.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have risen 3.3 cpl this past week.
Average regular unleaded prices are starting to spike - with the discounting cycle ending – prices now expected to rise to 116 cpl in the coming 7-10 days.
Current average wholesale price for regular unleaded in Sydney is 87.5 cpl, up 3.9 cpl on last week.
Today is Day 46 of the new cycle. The last cycle was 34 days in duration, 3 days longer than the previous cycle.
Current average prices are as follows E10 – 92.3 cpl, Regular – 93.9 cpl, Premium 95 – 110.5 cpl and Premium 98 – 116.6 cpl.
Sydney’s average diesel price is 116.6 cpl, down 2.1 cpl this past week.
Average Sydney LPG price is 78.5 cpl, down 0.7 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 1.6 cpl in Newcastle 2.2 cpl for the Central Coast and 3.2 cpl in Wollongong.
Over the past week average regular unleaded prices fell 2.9 cpl while diesel prices also fell 2.5 cpl. Over the past eight weeks regular unleaded and diesel prices have now fallen 32.3 cpl and 23.6 cpl in regional NSW.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises nil.
2. Regular Unleaded prices – falls, Casio 6.5 cpl, Coffs Harbour and Orange 6.9 cpl, Dubbo 7.5 cpl, Gundagai 8.5 cpl and Bulahdelah 13.7 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, Orange 4.1 cpl, Wagga 4.3 cpl, Gundagai and Murwullubah 4.5 cpl, Glen Innes 6.2 cpl and Bulahdelah 8.8 cpl.
World Crude Oil Prices
Over the previous week:
• The average crude oil price fell 4.8 cents per litre; and
• Sydney’s Terminal Gate Price for regular unleaded rose 3.9 cents per litre to 87.5 cents per litre
Sydney’s last price cycle lasted 34 days, 3 days shorter than previous cycle. Today is day 46 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 93.9 cents per litre (Monday morning).
The most expensive point of the current cycle was Friday 20 March at 142.3 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 141.4, 161.1 and 164.7 cents per litre respectively.
Over the past week, the average Mogas price rose 1.3 cents per litre with the Australian dollar rising 1.2 cents to 64.6 cents against the US dollar. Average unleaded prices have risen 2.1 cents per litre this past week, with further increases towards 116 cents per litre, expected in the next 7-10 days.
Average regular unleaded prices in Sydney should range between 91 cents per litre (at the low point of the current cycle) and 116 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 88 cents per litre and a high point of 113 cents per litre.
Premium 95 – a low point of 106 cents per litre and a high point of 131 cents per litre.
Premium 98 – a low point of 112 cents per litre and a highpoint of 137 cents per litre.
Sydney’s current average diesel price is 116.6 cents per litre – down 2.1 cents per litre this past week.
The current average LPG price in Sydney is 78.5 cents per litre – down 0.7 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.