Weekly Fuel report - 6th of July 2020
Summary 6 July 2020
Average regular unleaded prices in Sydney should range between 107 cents per litre (at the low point of the current cycle) and 134 cents per litre (at the high point of the new cycle).
Average regular unleaded prices rose 0.5 cent per litre while diesel prices rose 0.4 cents per litre this past week.
Global Factors – Last 7 days
Weekly average Tapis (Asian crude) price fell 0.4 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia fell from $US 47.62 to $US 45.75 a barrel this past week, equal to a 1.7 cpl fall in $A.
Global prices have fallen this past week as financial markets continue to exhibit volatile pricing behaviour. The following factors are impacting on global prices.
1. Increasing investor nervousness that a second wave of the COVID 19 virus will dampen economic activity and supress fuel demand.
2. However there is some positive economic data coming out of China – raising hopes for economic recovery plus the easing of some lock-down restrictions in Western Europe.
3. Worries over a potential lift in Libyan production.
4. Ongoing OPEC oil production cuts for the month of June, down 1.25 million barrels per day on May levels.
5. Larger than expected drawdowns in US crude oil inventory stock.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 6.4 cpl this past week.
Average regular unleaded prices continue to fall and are now expected to bottom out at around 107 cpl over the coming days before starting to climb to the mid-130s cpl.
Current average wholesale price for regular unleaded in Sydney is 103.5 cpl, down 2.6 cpl on last week.
Today is Day 24 of the current cycle. The last cycle was 32 days in duration, 21 days shorter than the previous cycle.
Current average prices are as follows E10 – 109.7 cpl, Regular – 111.6 cpl, Premium 95 – 126.4 cpl and Premium 98 – 132.7 cpl.
Sydney’s average diesel price is 117.3 cpl, up 0.2 cpl this past week.
Average Sydney LPG price is 76.9 cpl, stable this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 1.3 cpl in Wollongong, 3.3 cpl for the Central Coast and 4.6 cpl in Newcastle.
Regional NSW
Over the past week average regular unleaded prices rose 0.5 cpl while diesel prices rose 0.4 cpl.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises, Casino 2.6 cpl, Yass 2.9 cpl and Muswellbrook 51 cpl.
2. Regular Unleaded prices – falls, Orange 2.2 cpl, and Maitland 4.2 cpl.
3. Diesel prices – rises, Gundagai 2.7 cpl.
4. Diesel prices – falls, nil.
Weekly average Tapis (Asian crude) price fell 0.4 cents per litre (cpl) in $A.
The weekly average Singapore price of unleaded petrol, Mogas 95, which is the key petrol benchmark for Australia fell from $US 47.62 to $US 45.75 a barrel this past week, equal to a 1.7 cpl fall in $A.
Global prices have fallen this past week as financial markets continue to exhibit volatile pricing behaviour. The following factors are impacting on global prices.
1. Increasing investor nervousness that a second wave of the COVID 19 virus will dampen economic activity and supress fuel demand.
2. However there is some positive economic data coming out of China – raising hopes for economic recovery plus the easing of some lock-down restrictions in Western Europe.
3. Worries over a potential lift in Libyan production.
4. Ongoing OPEC oil production cuts for the month of June, down 1.25 million barrels per day on May levels.
5. Larger than expected drawdowns in US crude oil inventory stock.
Sydney Metropolitan Area
Sydney unleaded petrol average prices ( E10, Regular, Premium 95 and Premium 98 grades of fuel ) have fallen 6.4 cpl this past week.
Average regular unleaded prices continue to fall and are now expected to bottom out at around 107 cpl over the coming days before starting to climb to the mid-130s cpl.
Current average wholesale price for regular unleaded in Sydney is 103.5 cpl, down 2.6 cpl on last week.
Today is Day 24 of the current cycle. The last cycle was 32 days in duration, 21 days shorter than the previous cycle.
Current average prices are as follows E10 – 109.7 cpl, Regular – 111.6 cpl, Premium 95 – 126.4 cpl and Premium 98 – 132.7 cpl.
Sydney’s average diesel price is 117.3 cpl, up 0.2 cpl this past week.
Average Sydney LPG price is 76.9 cpl, stable this past week.
Central Coast, Newcastle and Wollongong
Last week average regular unleaded prices have fallen 1.3 cpl in Wollongong, 3.3 cpl for the Central Coast and 4.6 cpl in Newcastle.
Regional NSW
Over the past week average regular unleaded prices rose 0.5 cpl while diesel prices rose 0.4 cpl.
In the past week - most notable price movements in regional towns occurred as follows:
1. Regular Unleaded prices – rises, Casino 2.6 cpl, Yass 2.9 cpl and Muswellbrook 51 cpl.
2. Regular Unleaded prices – falls, Orange 2.2 cpl, and Maitland 4.2 cpl.
3. Diesel prices – rises, Gundagai 2.7 cpl.
4. Diesel prices – falls, nil.
World Crude Oil Prices
Over the previous week:
• The average crude oil price fell 0.4 cents per litre; and
• Sydney’s Terminal Gate Price for regular unleaded fell 2.6 cents per litre to 103.5 cents per litre.
Sydney Prices
Sydney’s last price cycle lasted 32 days, 21 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 111.6 cents per litre (Monday morning).
The most expensive point of the current cycle was Saturday 13 June at 127.8 cents per litre for regular unleaded petrol. The highest prices for E10, Premium 95 and Premium 98 were 126.6, 144.5 and 149.6 cents per litre respectively.
Looking Ahead
Over the past week, the average Mogas price fell 1.7 cents per litre with the Australian dollar rising 0.4 cents to 69.3 cents against the US dollar. Average regular unleaded prices have fallen 6.1 cents per litre this past week, and are now expected to fall to at least 108 cents per litre this week.Average regular unleaded prices in Sydney should range between 107 cents per litre (at the low point of the current cycle) and 134 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 106 cents per litre and a high point of 133 cents per litre.
Premium 95 – a low point of 123 cents per litre and a high point of 151 cents per litre.
Premium 98 – a low point of 129 cents per litre and a high point of 157 cents per litre.
Sydney’s current average diesel price is 117.3 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 – 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.
