Sydney petrol prices highest since COVID

Sydney motorists are seeing some of the highest fuel prices since January 2020 as average prices continue to soar.

Across Sydney, average prices for regular unleaded reached 164.7 cents per litre over the last week with prices at major service stations as high as 175.9 CPL.

Singapore Mogas – Australia’s international benchmark price – has continued to rise steadily to almost $US90 a barrel. Sydney’s Terminal Gate Price has reached a twenty one month high of 137.7 CPL.

NRMA Spokesperson Peter Khoury said the steady rise came as the Organisation of the Petroleum Exporting Countries (OPEC) continued to choke supply, artificially inflating global oil prices at a time when demand for oil was recovering globally.

“These high prices are hitting our essential workers the hardest as they are still traveling to work every day, along with families going out to get groceries. These high prices are hurting at a time when the community needs relief the most,” Mr Khoury said.

“It is hospital and home care nurses, local tradies, and grocery store cashiers who rely on their cars to get to work safely paying the price for these high fuel prices.”

Despite Sydney seeing the highest prices in over a year, drivers have so far been spared record breaking prices of 172.6 CPL in Brisbane earlier this week.

Mr Khoury said if prices continues to increase, the average Sydney regular unleaded fuel price could jump to 170 CPL by October this year; the highest average fuel prices in over a decade.

“The last time average fuel prices in Sydney metro reached this high was just before the start of the Global Financial Crisis in 2008,” Mr Khoury said.

“The gap between the cheapest and most expensive service stations in Sydney is currently 46 CPL so the NRMA is encouraging motorists to do their research before filling up, with the price of every service station in NSW available in real-time on the my nrma app.

“If you can hold off, customers can expect to see some relief at the bowser towards the end of the month with prices expected to fall close to 140 CPL at the low point of the cycle.

Average prices in major Australian cities today are: