‘Fill up today: Petrol prices plummet as global oil market in free fall
Petrol prices are tipped to drop heading into the Easter long weekend, with Aussies in these major cities set to get the best deals at the bowser.
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Petrol prices are tipped to drop even further for Australian drivers heading into the Easter and Anzac Day long weekends, as US President Donald Trump’s ongoing tariff war sends the global oil markets into turmoil.
The Australian regional benchmark for oil, Tapis crude, has been in “free fall” in the weeks since the launch of Mr Trump’s tariffs, new analysis from NRMA has revealed.
The cost of oil has also dropped US$10 a barrel in the past week, while the Terminal Gate Price of regular unleaded petrol has fallen by eight cents to 157.6 cents per litre.
The NRMA says these prices are likely to continue plummeting through the Easter and Anzac Day long weekends in each Australian capital city, with Sydney and Perth getting the best deals of the lot.
Sydneysiders are expected to get some of the best deals at the bowser, with petrol prices dipping to 168.5 centre per litre and expected to fall further.
Almost three-quarters (73 per cent) of Sydney petrol stations are currently selling fuel for less than 170 cents per litre, NRMA App data revealed.
Regular unleaded prices ranged from 155.5 cents per litre to 207.9 cents per litre, with the average across the city sitting at 164.9 cents.
Among Sydney’s lowest prices as of Tuesday morning were 156.5 cents per litre in Earlwood and Campsie, 157.7 cents in Lewisham and Canterbury, and 162.9 cents in Wooloomooloo, according to Fuel Check NSW.
Prices were significantly higher at 207.9 cents per litre in Concord and Randwick.
NRMA spokesman Peter Khoury said petrol prices had “fallen consistently” for Sydneysiders, in line with the “pretty significant” decreases in oil prices.
“So (it’s) good news for Sydney,” he said.
“While we’re at the bottom of the cycle, we’ll be hard-pressed to find prices cheaper once you head out of Sydney.
“Unlucky in Melbourne where it’s the other way around, but Sydney’s certainly bottom of the cycle just before Easter, which is great news.”
Drivers in Perth and Adelaide are also being told to “fill up today” as prices fall to 165.8 cents per litre and 172.1 cents per litre respectively.
“In Adelaide, those (price) falls will continue over the next few days,” he said.
It is not such good news for those in Melbourne, where at the top of the petrol price cycle has regular unleaded going for 199.1 cents per litre - a price Mr Khoury said was “outrageous”.
“Not only (is Melbourne) at the top of cycle, but they’re also a lot higher than we expected them to (be),” he said.
It is a similar story in Brisbane, where petrol is at 177 cents per litre but falling slowly.
It is expected Aussies will be able to fill up for even less, as uncertainty surrounds Mr Trump’s tariffs and OPEC+ accelerating its oil production on the global market next month.
“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,” Mr Khoury said.
“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.”
However Mr Khoury warned the “extreme volatility” of the“bloated”global markets could see things somersault overnight.
“Making the most of these lower prices is critical for families and we are urging Australians taking a road trip these holidays to get on the my NRMA App before they fill up because regardless of where you live in Australia there is, finally, relief at the bowser if you do your research first,” Mr Khoury said.
Originally published as ‘Fill up today: Petrol prices plummet as global oil market in free fall
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Petrol prices plummet amid tariff turmoil
Petrol prices are tipped to drop heading into the Easter long weekend, with Aussies in these major cities set to get the best deals at the bowser.