Coronavirus: Oil companies accused of price gouging as fuel prices remain high
New stats have revealed where you can find the lowest fuel prices across NSW during the coronavirus crisis. It comes as industry leaders accuse oil companies of “record” price gouging.
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Fuel prices across NSW may be continuing to drop as the coronavirus crisis takes its toll on local communities — but industry leaders fear oil companies are price gouging customers at new “record highs” to protect their own profits.
NRMA spokesman Peter Khoury revealed to NewsLocal more than 25 per cent of all petrol stations across NSW continue to sell petrol to struggling customers at rates between $123.7 and $170.9, despite wholesale prices dropping to 84 cents per litre.
“The cheapest fuel in Sydney is currently 80.9 cents, while the most expensive is $157.9,” Mr Khoury said. “That 77 cent difference is the largest disparity we have seen in prices on record — which is atrocious at these devastating times the community is facing.”
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The NRMA spokesman said he was concerned big oil companies servicing NSW were “waiting for oil prices to bounce back to protect their own profits — rather than pass the saving on to consumers”.
“What angers the NRMA the most is world oil prices haven’t fallen to this kind of low in 18 years, meanwhile oil companies are aware of what is happening with the COVID-19 crisis and they are selling an essential commodity at inflated prices, this is price gouging at its worst,” he said.
“New data by the NRMA reveal prices in the majority of NSW communities are dropping less than one cent per day.
“This is the most appalling behaviour we have seen from oil companies in a very long time, simply put they are hoarding profits when prices should be plummeting.”
New data, released by the NRMA, found despite plummeting wholesale prices over the past month Sydney fuel prices actually increased by 9 cents in the week of March 22 and 5.7 cents in the week of March 15.
Prices in Sydney dropped 17.2 cents last week while dropping 5.7 cents this week.
Bega on the state’s south coast is experiencing the highest fuel prices with the average sitting at 145.7, but in Batemans Bay fuel is 129.1.
Shoalhaven is seeing an average fuel price of 126.8, while in Canberra fuel is averaging at 133.6 per litre.
Wagga Wagga fuel is 123.4, meanwhile in Wollongong the average price at the pump is 115.6.
On the Central Coast, commuters are paying an average of 116.4 per litre, while in
Newcastle prices are averaging at 116.9.
NewsLocal has created a guide to bring you the cheapest fuel prices across Sydney and identify which regional communities are facing price hikes at the bowser.
