‘Fill up now’: Petrol prices surge
Petrol prices have risen by at least 30 cents per litre across Sydney and will keep rising before eventually falling as little as one cent per day.
"This time next week won't be fun," NRMA's Peter Khoury told news.com.au on Saturday morning.
AMP Capital's chief economist, Shane Oliver, took to Twitter to express his shock at the increase, snapping photos of two bowsers in Sydney rocketing well above 173 cents per litre for special unleaded.
He said the rise in world oil prices since the Saudi Arabia attacks would justify a petrol price rise in Sydney of three cents per litre, and should have resulted in an end figure of about 157 cents per litre.
"Not 173.9!" he wrote in a post overnight.
The $2 a barrel rise in world oil prices since the attacks on Saudi Arabia would justify a rise in Sydney petrol prices of ~3 cents/litre, ie to ~157cents/litre. Not 173.9!— Shane Oliver (@ShaneOliverAMP) September 27, 2019
Nice profit spike for someone under cover of the attacks even tho the oil price rise was trivial?#ausbiz pic.twitter.com/yFZKEbQSYj
Mr Khoury told news.com.au the average price for regular unleaded in Sydney on Saturday was $1.45 per litre but motorists should "fill up now" before it rises even further.
"They should have probably filled up earlier," he said.
The NRMA spokesman said there was a good spread of prices across the city and encouraged drivers to do their research "but do it now".
"We're looking at another 20 cent jump in the average price in Sydney," he said.
"It's going from to $1.37 (from 48 hours ago) to $1.66 per litre."
Mr Khoury said the rise is probably going to reach heights of eight or nine cents per litre more than NRMA had expected.
According to real-time government pricing website Fuel Check NSW, dozens of bowsers across the city were selling Unleaded 91 for 173.9 cents per litre and Premium 95 for 188.9 cents per litre this morning.
The prices differed dramatically within Sydney suburbs, with Premium 95 at 149.7 cents per litre at Caltex Woolworths in Surry Hills but 188.9 cents per litre down the road at Coles Express in Waterloo.
Ethanol 94 or E10 was priced at 171.9 cents per litre in suburbs including Eastern Creek, Dee Why and Marrickville.
At 8am, Premium 98 was listed at 196.9 cents per litre in Edgecliff, 195.9 cents per litre in Lane Cove and 194.9 cents per litre in Mascot.
The average price for regular unleaded is expected to reach $1.66 by early to mid next week, Mr Khoury said.
"At the moment, even though it's going up, it's better than it's going to get," he said, noting the slow fall could be "a cent per day".
Adelaide and Melbourne experienced average petrol prices of $1.64 and $1.66 this week.
Mr Khoury said Adelaide has only dropped by two cents over the last four days.
"Sydney, Brisbane, Melbourne, Adelaide and Perth all fluctuate because they have price cycles," he said.
The rise is as a result of the price cycle which was "always going to go up" combined with "what happened overseas" in Saudi Arabia.
He said Canberra, Hobart, Darwin and other regional areas across NSW will experience greater stability than Sydney, despite having regularly high prices due to less competition and smaller markets.
School holidays began today for students in NSW, the ACT, SA, NT, WA and Tasmania.
Queensland and Victorian students are halfway through their spring holiday break.
Next Monday, October 7, also marks a long weekend for the ACT, NSW, SA and Queensland.