Sydney petrol prices are set to continue rising despite global oil prices falling.
The average unleaded petrol price is sitting at 166.7 cents a litre but could rise to a new record of 176 cents in a matter of days.
It comes despite global crude oil prices falling to $89 a barrel over the last five weeks.
Crude oil prices have dropped by about 15 per cent, which should be reflected in Australian petrol prices.
However, in Sydney they have continued to rise this week, with motorists in Ryde and Carlingford hit with a peak price of 193.9 cents a litre for unleaded petrol.
A fall in Sydney’s fuel prices should happen over the next seven to 10 days, but the NRMA wants a decrease in costs for motorists sooner.
“NRMA analysis has found that prices should fall at least nine cents per litre over the next price cycle given current market fundamentals,” the NRMA said in a statement.
“If these prices are passed on, the average price in Sydney should fall to the low 150 cents per litre at the bottom of the next cycle.”
It comes despite global crude oil prices falling to $89 a barrel over the last five weeks. (AP)
What is needed now is genuine relief at the bowser, particularly as Australians prepare to head away on their Christmas holidays.”