NRMA urges servos to drop fuel prices heading into Christmas

The NRMA is calling on fuel companies in Sydney to do the right thing by motorists and drop prices in accordance with the fuel cycle heading into the Christmas break.

After reaching a top of 140.3 cents per litre last week, prices have begun to fall and should continue to fall to a low of 110 cents per litre over the next two to three weeks.

Analysis conducted by the NRMA has found that while prices in Sydney have been lower on overage throughout 2020 due to COVID, the average gross margin has been the highest on record at 16 cents per litre – six cents higher than 2019.

Throughout 2020 Sydney experienced 10 price cycles with gross margins at the high point of these cycles between 21.5 cents and 43 cents per litre. By contrast 2019 had 13 price cycles with the highest margins reaching 33.6 cents per litre. The longer cycles in 2020 also meant drivers were exposed to higher prices for longer.

NRMA Spokesperson Peter Khoury said oil companies retailers needed to do the right thing by Australian families and drop their prices quickly in the lead up to Christmas.

“This year Sydney’s price cycles have very much worked in the favour of oil companies with prices rising rapidly and fall very slowly - this doesn’t give drivers much opportunity to take advantage of better prices,” Mr Khoury said.

“At this point in the cycle, it’s especially important for drivers to do their homework on the myNRMA App and shop around for the best prices. Some stubborn retailers will still be charging prices at the top of the cycle while others could be nearing the bottom.

“By shopping around, families can save up to $33 on a single tank of fuel, and that’s money that could be put towards this year’s Christmas celebrations.”

The average price in Sydney today is 133.5 cents per litre for regular unleaded and is falling around two-cents-per-day. The gap between the cheapest (98.3 CPL) and most expensive (157.9 CPL) service stations in Sydney is currently 59.6 CPL.

There are still significant bargains to be found at the bowser in Sydney. According to the myNRMA App the cheapest 14 per cent of service stations in Sydney are selling petrol between 98.3 and 119.9 cents per litre.

The cheapest suburbs in Sydney for regular unleaded are currently Lansvale and Fairfield.