Australian motorists can expect significant savings at the petrol pump ahead of the Easter and Anzac Day long weekends, as global oil prices continue to plummet. Petrol prices are expected to drop further, bringing relief to drivers across the country.
The drop in oil prices has resulted in a sharp decline in the Australian regional benchmark for oil, Tapis crude, a trend observed over the past few weeks. This decrease follows the imposition of tariffs by US President Donald Trump, which have disrupted global markets.
According to research from the NRMA, these ongoing price fluctuations are bringing relief to drivers across the country. As reported by 9news, further price cuts are expected as the holidays approach.
Declining Oil Prices and Their Impact on Petrol Costs
Over the past week, the price of oil has dropped by $US10 per barrel, leading to a reduction in the Terminal Gate Price (wholesale price) of regular unleaded petrol by eight cents to 157.6 cents per litre. This price drop is expected to continue through the Easter and Anzac Day weekends, bringing relief to Australian drivers.
In Sydney, motorists are already seeing some of the lowest prices, with regular unleaded dipping to 168.5 cents per litre. With 73 percent of service stations in Sydney selling fuel for less than 170 cents per litre, further price drops are anticipated.
Meanwhile, Perth also offers some of the cheapest petrol, with regular unleaded priced at 165.8 cents per litre, making today the best day of the week to fill up.
In Melbourne, regular unleaded prices have risen to 199.1 cents per litre, marking the peak of the cycle. Motorists in the city may find cheaper prices in regional Victoria. Brisbane’s petrol prices are falling slowly, with regular unleaded currently priced at 177 cents per litre.
In Adelaide, the price is currently 172.1 cents per litre, also in a slow decline. The prices in Canberra (178.9 cents per litre), Darwin (180 cents per litre), and Hobart (180.5 cents per litre) are all falling slowly as well.
The Global Factors Driving Petrol Price Fluctuations
The fluctuating petrol prices are largely a result of global market forces. Market jitters related to the ongoing US-China trade tensions and an expected increase in oil supply by OPEC+ have contributed to the volatility in fuel prices.
Despite the unpredictability of these conditions, the NRMA remains optimistic that Australian motorists will continue to enjoy lower fuel prices in the near future.
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, – NRMA spokesman Peter Khoury said.
He further commented,
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.
