Jim O’ Rourke, 08 December 2015

MOTORISTS are being urged to fill up their tanks as Sydney petrol prices plunge to their lowest levels in 10 months in the next 24 hours.

The price of regular unleaded petrol had already fallen to 105.7c a litre at some service stations yesterday, with the ethanol-based fuel E10 as low as 93.9c a litre.

But NRMA spokesman Peter Khoury said the motoring organisation expected prices were still to bottom out and could drop even further.

“There is a lot of oil on the market, leading to the fall in global prices,” Mr Khoury said.

“That coupled with the fact the Aussie dollar has remained pretty solid at 73c (to the $US) has led to prices where they are today. They could fall another cent or two over the next 24 hours.”

The Australian Competition & Consumer Commission yesterday agreed “prices appear to be around the lowest point of the price cycle” and suggested “now is a good time for motorists to buy petrol”.

Figures showed that petrol prices had been falling steadily since November 22.

But Mr Khoury said that motorists would have to get in quick to take advantage of the low prices with a massive rise predicted to hit the pumps before the end of the month.

“With the cycle the way it has been in the last few years, there is a fair chance the cycle will hit its high point before Christmas when the average price for regular unleaded will be about $1.30,” he said.

On the plus side, he said the price was unlikely to stay that high for long, and would fall again before New Year’s Eve.

A survey of service stations across Sydney by The Daily Telegraph yesterday, revealed that prices for E10 had already dropped below $1 a litre.

But in the eastern suburbs, the BP on New South Head Rd at Edgecliff was charging 149.9c per litre for E10.

Yesterday afternoon fuel price tracking websites NRMA and Motormouth both had Westside Petroleum at Guildford as the cheapest for E10 at 102.9c per litre.

The NRMA petrol price watch had Budget Strathfield, at Strathfield South, as the lowest price for regular unleaded at 105.7c.

Motormouth recorded good prices at the Caltex Star Mart at Woollahra and Caltex Express at Bondi at 116.9c.

Average pump prices yesterday included regular unleaded at 113.5c; premium 95 (125.6c) and diesel (120.8c).

Extracted in full from the Daily Telegraph.