Australian drivers are seeing relief at the pump as falling global oil prices begin to flow through to bowser prices nationwide.
Tapis, the regional oil benchmark for Australia, has dropped by US$10 a barrel in the past week, following the United States’ trade dispute that began in early April. In the same period, the Terminal Gate Price for regular unleaded fuel fell eight cents to 157.6 cents per litre.
Fuel prices in Sydney have reached the bottom of the cycle, with regular unleaded averaging 168.5 cents per litre. According to the my NRMA App, 73 per cent of Sydney service stations are selling below 170 cents per litre.
In contrast, Melbourne has reached the peak of its cycle at 199.1 cents per litre, with prices rising despite the global oil downturn. Drivers in Victoria are advised to fill up outside the city, where regional prices may be lower.
Peter Khoury, spokesperson for the NRMA, said further reductions could come in May if global supply increases as expected.
“Nobody could have predicted the extreme volatility of trading conditions brought about by the United States’ global trade war and things continue to change almost by the hour – however what we know today is that relief is finally at hand for Australian drivers.
“Families will finally get relief – either because prices are falling further than we had originally predicted before the market crashed – or because they did not rise as high as anticipated in Melbourne and Brisbane.
Brisbane (177 cents per litre) and Adelaide (172.1 cents per litre) are both seeing slow price declines after recent highs. In Perth, today is the cheapest day of the week to fill up, with an average of 165.8 cents per litre.
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