The NRMA is urging motorists to hold out on filling up at the bowser if they can as petrol prices nudge towards an average of 166 cents per litre (CPL) just before the long weekend – an 11-year-high.
The average price in Sydney today is 163 CPL for regular unleaded and is expected reach 166 later today before commencing a slow fall next week. Pleasingly, falls in world oil prices over the last 48 hours will finally bring some relief to Sydney motorists in the next cycle.
Australia’s international benchmark – Singapore Mogas – rose sharply almost overnight to US$84 a barrel following the refinery attacks in Saudi Arabia. Prices have since fallen US$11 a barrel, which should see average prices fall almost 10 CPL in the next cycle.
The NRMA is encouraging motorists to delay filling up while prices remain at record highs, or to top up until next week. According the ‘my nrma’ app, the is a 54 cent difference between the cheapest and most expensive fuel. Using the ‘my nrma’ app to find the cheapest fuel could save motorists more than $25 on a single tank of fuel.
Prices outside Sydney are expected to remain stable over the long weekend.
NRMA Spokesperson Peter Khoury said the increased volatility of world oil prices and the Sydney price cycle working against drivers stunned motorists with 11-year-high prices just as families were heading away for the long weekend.
“Events over the last two weeks demonstrate yet again just how exposed Australian families are to the volatility of world oil prices and our inability as a nation to influence the causes of that volatility,” Mr Khoury said.
“We knew the attacks in Saudi Arabia, along with the ongoing trade war between the United States and China and a weaker Australian dollar would all work against our Members here at home and we are now confronted with 11-year high prices just as families are going away.
“According to the ‘my nrma’ app there are some cheaper prices in Sydney still to be found and we expect to see prices improve by up to 10 cents per litre in the next cycle – so get on the app and shop around before you fill up.
“The average household in Sydney currently spends over $17,000 a year on transport costs and these current price hikes will only add further strain on the family budget. By finding the cheapest local service station, families can save about $500 a year.”