Breaking News Today

Sydney petrol prices still ‘exorbitant’ despite falling global trends

Published: (Updated: ) in Australian News by .

Sydney petrol prices are sitting well above average despite international oil prices around the world plummeting to 18-year lows.

Sydney petrol prices are sitting well above average despite international oil prices around the world plummeting to 18-year lows.

Singapore Mogas – Australia's international benchmark price – has continued to fall below US$20 a barrel for the first time since 2002, while the Terminal Gate Price in Sydney is now 86.4 cents per litre (CPL) for regular unleaded.

An electronic sign displays petrol prices at a Shell service station in Sydney

Despite these global factors pointing to what should be the lowest prices in almost a generation, the average price remains a jaw-dropping 30 CPL higher than wholesale price at 119.5 CPL.

The gap between the cheapest and most expensive service stations is now a record 70 CPL – or $38.50 on a standard fuel tank.

Prices in Sydney are lowering at an alarmingly low rate at less than one-and-a-half cents per day.

Other major cities around the country have all been subject to exorbitant prices with Brisbane's average price sitting at 122.1 CPL, Melbourne at 129.7 CPL and Canberra at a whopping 133.8 CPL.

NRMA spokesperson Peter Khoury said the average price in Sydney had fallen just 22 CPL in 14 days, describing the situation as "insufferably frustrating".

"We are in the middle of a global pandemic and our community – and the economy – is facing challenges not seen in our nation's history," Mr Khoury said.

"These snail-paced falls in prices across much of the nation are hurting families and businesses.

"It might well be April Fool's Day but nobody is laughing."

While the average remains stubbornly high, the myNRMA App does pleasingly show a number of service stations passing on falling prices to their customers, with the cheapest price in Sydney currently 87.9 CPL at service stations in Fairfield and Villawood.

READ:  Let’s Just Admit That A Zoom Party Isn’t Really A Party
The ACCC petrol report says buying petrol from independent retails could save you hundreds.

"The bottom 10 per cent of service stations in Sydney are selling petrol between 87.9 and 102.9 cents per litre so clearly nobody should be paying anywhere near 157.9," Mr Khoury said.

"Get on the myNRMA App and find the cheapest price in your local community because now more than ever families shouldn't be paying one cent more for petrol than they need to at the bowser."

Currently almost 36 per cent of regular unleaded sites in Sydney are selling between 125.9 CPL and 127.9 CPL.

Source: 9News https://www.9news.com.au/national/coronavirus-oil-prices-plummet-internationally-but-sydney-petrol-still-exorbitant/93e1682c-10b9-490d-b7a7-4e4f6d405d40

Shares
Share This
Finance Advice 2021