21 January 2016

Motorists in the NSW Hunter region can expect petrol prices across the region to fall further in the week ahead as world oil prices fall to record lows.

Prices dipped below $1 per litre in some parts of Sydney this week, while the average in Newcastle sits at $1.18 per litre.

Crude oil prices have slumped 20 per cent this year, to about $US28 a barrel.

NRMA spokesman Peter Khoury said the Hunter was not likely to see falls as dramatic as Sydney.

“That’s not to say that it should be 12 to 14 cents more expensive than Sydney, so there’s still a way to go in Newcastle, in Maitland and on the Central Coast,” he said.

“In fact, the Central Coast is currently cheaper than Newcastle, so they are all big enough markets to see prices fall quicker than they have been.”

Maitland has been identified as one of the cheapest places in New South Wales to buy petrol outside of Sydney.

Mr Khoury said surprisingly Newcastle was not the most affordable place in the Hunter to buy fuel at the moment.

“Maitland, at $1.11a litre is one of the most competitive markets outside of Sydney,” he said.

“A lot of work has gone into getting prices lower in Maitland, a lot of work at the grassroots level, and we think that the same should be happening in Newcastle.”

Extracted in full from ABC News.