Summary 2 December 2019
Rising inventory stock levels in US and Asia.
On- going financial speculation about the US-China trade deal.
Going forward into the first quarter of 2020 there is an expectation that Mogas 95 gasoline price will rise due to the OPEC+ group of producers agreeing last week to deepen crude oil production cuts by 500,000 barrels to 1.7 million barrels per day for the first quarter of 2020. Initial forecast estimates suggest a 2 cents per litre increase in retail petrol and diesel prices.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 1.1 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded decreased 1.5 cents per litre to 134.6 cents per litre.
Sydney’s last price cycle lasted 29 days, 5 days longer than previous cycle. Today is day 16 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 139.9 cents per litre (Monday morning).
The most expensive point of the current cycle was Sunday 24 November at 163.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 162.5, 180.0 and 185.4 cents per litre respectively.
Over the past week, the average Mogas price fell 1.5 cents per litre with the Australian dollar rising 0.6 cents to 68.4 cents against the US dollar. Average unleaded prices are slowly rising to the top of the new cycle in the Sydney market and are now expected to peak at 162 cents per litre over the next 7 days.
Average regular unleaded prices in Sydney should range between 162 cents per litre (at the high point of the new cycle) and 136 cents per litre (at the low point of the new cycle).
The average price ranges for E10, Premium 95 and Premium 98 should be as follows:
E10 – a high point of 160 cents per litre and a low point of 134 cents per litre.
Premium 95 – a high point of 178 cents per litre and a low point of 152 cents per litre.
Premium 98 – a high point of 184 cents per litre and a low point of 1587 cents per litre.
Sydney’s current average diesel price is 147.6 cents per litre – up 0.2 cents per litre this past week.
The current average LPG price in Sydney is 76.9 cents per litre – up 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.