Sydney petrol prices rising three times faster than they are falling
By Sourced Externally
January 7, 2021
Sydney’s petrol prices are rising three times faster than they are falling, latest statistics from the NRMA have revealed.The analysis shows prices falling at just one cent a day – one third the rate that prices have increased over the last three weeks.The average price of regular unleaded fuel has fallen 22 cents per litre over the last 22 days.
Prior to reaching a high-point of the last cycle, prices increased at almost three cents per litre a day.During one of the toughest years in the Australian economy due to COVID-19, prices in Sydney rose twice and fast as they fell across the whole of 2020.Profit margins were highest across Sydney, Brisbane and Melbourne throughout the pandemic.
According to the myNRMA App, the average price in Sydney is currently 115.8 cents per litre for regular unleaded and is expected to fall at least another five cents per litre.Across the last 10 price cycles in 2020/21 prices never fell below the wholesale price.This is compared with with 2019 when prices fell below the wholesale price 41 times.
Across 2020/21 the daily gap between the wholesale and retail price closed below five cents per litre on 47 occasions compared with 133 times in 2019.The numbers have sparked a callout from the NRMA, urging fuel companies to drop their prices for Aussie families struggling to make ends meet during the pandemic.”The NRMA has long known that Sydney’s bizarre price cycles exposed motorists to higher prices for longer – especially in 2020 – but for prices to fall three times slower than they rise is patently wrong and unacceptable,” NRMA spokesperson Peter Khoury said.
“The gap between the wholesale and retail prices is one of the key indicators of profit margins at the bowser and the fact that this gap closed to five cents or less on 133 days in 2019, yet only 47 days last year, further highlights that Sydney drivers aren’t getting a fair deal.”If ever the public was in need of a fair deal it was in 2020. This year, the oil companies need to drop their prices faster and further to better reflect a fair and reasonable price.
The calls follow mounting pressure from the NRMA over the holiday season for retailers to drop their prices below $1.10.