According to the NRMA a long-awaited decision by the Organisation of Petroleum Exporting Countries (OPEC) to lift production volumes should see local families finally enjoy some relief at the bowser.
According to the NRMA, Mogas 95, the benchmark export price for Australian fuel, has fallen more than $9USD a barrel since the 6 July high of $89.51USD per litre, which resulted in prices climbing to pre-COVID highs.
“The artificially-enforced price hikes saw Sydney’s average price peak at $1.64 cents per litre for regular unleaded and prices across many regional towns increase to over $1.50,” a NRMA spokesperson said.
“Further falls in Mogas 95 are expected and Sydney’s Terminal Gate Price by as much as 4 cents per litre.”
In Young on Tuesday the cheapest Unleaded E10 was 137.9 cents per litre at the Metro on Nasmyth Street, which is a lot higher than prices in June last year when locals were only paying 115.9 cents per litre at the Young Metro pump.
In April last year, Young resident Brett Causer wrote to the premier of NSW, Gladys Berejiklian, with concerns about Young’s high fuel prices.
He received a reply on behalf of federal Housing Minister and Assistant Treasurer Michael Sukkar explaining why regional areas may have faced higher prices.
“In these unprecedented times, it is critical that fuel companies promptly pass on reductions in international oil prices to consumers. The Treasurer has emphasised the need to the ACCC Chair, Mr Rod Sims, for the ACCC to call out companies that do not pass on reductions in wholesale prices to consumers during the COVID-19 pandemic,” the letter said.
“The ACCC also noted that prices are generally higher in regional areas because, compared to metropolitan areas, competition is often less intense, lower volumes of fuel are sold, convenience store sales are lower, and costs for transport and storage are higher.”
Since June last year the price in fuel has continued to climb by in some cases by more than15 cents per litre.
The cheapest Unleaded 91 in Young on Tuesday was again at the Metro in Young where motorists were paying 139.9 cents per litre, while the cheapest – also at the Metro – was priced at 137.9 cents per litre.