Summary 9 March 2020
The global financial markets have basically been hampered in trading Monday 9 March as a result of two issues:
1. The economic impact of a global recession as the full impact of economic growth falling from 6 per cent to 1 per cent in China expected this MAR quarter, and other major economies, as a result of COVID -19 VIRUS. The impact into the next June quarter is unknown. Numerous economies are now contemplating stimulus/ recovery measures to stay of recession including Australia.
2. The decision by Russia to not support production cuts in alignment with OPEC agreements has started a price war between Saudi Arabia and Russia. Falls of 10 per cent in global crude oil prices have occurred in commodity trading over the weekend.
Global oil prices have fallen about $US12-20 a barrel on the futures markets.
Australian motorists could see fall of between 10-15 cpl for both unleaded and diesel prices, if the global price falls remain at these levels in trading over the next 7-10 days,
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 2.6 cpl this past week.
Average regular unleaded prices are expected to fall to 122 cpl this week.
Current average wholesale price for regular unleaded in Sydney is 120.5 cpl, down 4.3 cpl on last week.
Today is Day 24 of the current cycle. The last cycle was 31 days in duration, 2 days shorter than the previous cycle.
Current average prices are as follows E10 – 122.3 cpl, Regular – 124.7 cpl, Premium 95 – 139.7 cpl and Premium 98 – 145.6 cpl.
Sydney’s average diesel price is 142.7 cpl, down 2 cpl this past week.
Average Sydney LPG price is 85.1 cpl, down 0.2 cpl this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 3.5 cpl for the Central Coast, 3.9 cpl in Newcastle, and 9.7 cpl in Wollongong.
Over the past week average regular unleaded prices fell 0.8 cpl while diesel prices fell 1.1 cpl.
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, Albury 2.6 cpl and Muswellbrook 2.7 cpl.
3. Diesel prices – rises, nil.
4. Diesel prices – falls, 3.2 cpl in Albury and Deniliquin.
World Crude Oil Prices
Over the previous week:
* The average crude oil price fell 2.5 cents per litre; and
* Sydney’s Terminal Gate Price for regular unleaded fell 4.3 cents per litre to 120.5 cents per litre.
Sydney’s last price cycle lasted 31 days, 2 days shorter than previous cycle. Today is day 24 of the current price cycle, with the average price for regular unleaded fuel in Sydney at 124.7 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 15 February at 159.7 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 158.3, 177.2 and 181.8 cents per litre respectively.
Over the past week, the average Mogas price fell 3.2 cents per litre with the Australian dollar rising 0.8 cents to 66.0 cents against the US dollar. Average unleaded prices are at the bottom of the current cycle in the Sydney market and are expected to bottom out at 122 cents per litre this week.
Average regular unleaded prices in Sydney should range between 122 cents per litre (at the low point of the current cycle) and 152 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 120 cents per litre and a high point of 150 cents per litre.
Premium 95 – a low point of 137 cents per litre and a high point of 167 cents per litre.
Premium 98 – a low point of 143 cents per litre and a high point of 173 cents per litre.
Sydney’s current average diesel price is 142.7 cents per litre – down 2 cents per litre this past week.
The current average LPG price in Sydney is 85.1 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.