Han Nguyen, 13 January 2016
After a cruisy start to the new year, Sydney’s petrol prices are expected to stay low, analysts say.
NRMA spokesman Peter Khoury said prices will slowly fall in the next two weeks and are expected to average 105-107 cents per litre.
“Petrol prices have hit a high point and now it’s going down,” Mr Khoury said. “Last night we saw prices drop by 3c per litre across Sydney, and it’s still falling.”
Sydney is currently averaging 121.9 cents a litre, with prices ranging between 101.9 cents and 130.9 cents a litre, NRMA figures show.
Mr Khoury advises consumers to do their research before filling up.
“If you have to fill up now, shop around – compare the prices in your area,” he said.
Last week, two neighbouring outlets on Milperra Road in Revesby were displaying a 32-cent difference in price – with BP selling unleaded E10 for 131.9 cents a litre, and Metro selling it for 99.9 cents a litre.
Mr Khoury said independent stations offer cheaper fuel.
“The prices we saw at Revesby are consistent with what we see right across Sydney,” he said. “Drivers have the choice to shop at either 130 cents per litre or 99 cents per litre.”
CommSec chief economist Craig James said prices were consistent with the regular price cycle.
“The prices we saw during Christmas, 104 cents per litre was the low point of the cycle,” Mr James said. “Last week ended with a low change and it’s expected to remain stable.”
“It’s normal for independent stations to have cheaper fuel – they try to get as much market share. They’re serving it up to the major players.”
This year, drivers will be able to shop around online for the cheapest petrol with the Baird government launching a new website that compares prices.
Service stations will display their prices in real time on the Fair Trading website.
Extracted in full from the Sydney Morning Herald.