Petrol could breach $1.60 average in Sydney soon

Sharp rises in world oil prices and the falling Australian dollar could result in average prices for regular unleaded rising to over 160 cents per litre (CPL) in Sydney in the coming weeks – the highest in over four years.

Over the last two weeks prices in Sydney have fallen five cents per litre in accordance with the price cycle and are expected to continue falling to about 142 CPL on average.

However, with Singapore Mogas (Australia’s international benchmark) having risen by almost $4US a barrel over the last fortnight and the average terminal gate price by over 10 cents since July, the NRMA is warning that average prices could break the 160 CPL mark within the next two weeks.

There are also concerns that regional communities across NSW, already struggling with the crippling four year drought, could also experience price rises in the coming weeks due to global factors.

NRMA spokesperson Peter Khoury said 2018 was a most unpleasant year at the bowser and there appeared to be little relief with global factors continuing to work against Australian motorists.

“Miserly production levels from OPEC, continued tension in the Middle East, threats of further sanctions against Russia and Iran and a plummeting Australian Dollar have left the nation exposed to sustained high prices throughout 2018,” Mr Khoury said.

“Unless there is a sudden turnaround with these factors, the NRMA’s concern is there will be little respite for our members and we need to brace for prices in the next cycle reaching four year highs.”

The current average price in Sydney for regular unleaded is 149.8 CPL. The cheapest in Sydney is currently 122.2 CPL and most expensive is almost 159.8 CPL. The average price of Diesel is 153.8 cents per litre and is also expected to rise.

“With prices this high, now more than ever, we want our members to shop around before filling up. Use the My NRMA app to find the cheapest petrol in your local community and members should that advantage of up to five CPL discounts at participating Caltex stores,” Mr Khoury said.

“Transport costs for families are on the rise and we want our members, especially those across regional areas, using every opportunity to bring those costs down.”