Long weekend petrol price spike warnings

Long weekend travellers across NSW could be facing higher petrol prices after an overnight spike was recorded in Sydney.

But the NRMA says there is no justification for the rise, fearing it’s an excuse to reverse falls in prices and increase profit margins.

The average price of petrol has fallen to 103.7 cents per litre (CPL) for regular unleaded in Sydney and is expected to fall below $1 a litre as Sydney’s terminal gate price sits at 97.2 CPL.

Some 18 service stations in Sydney lifted prices to 135.9 CPL and eight to 136.9 CPL on Wednesday night – at least 32 CPL above the average, NRMA said in a statement. 

Spokesman Peter Khoury said Australians should watch the behaviour of oil companies closely after they failed to pass on the full coronavirus-prompted falls of global oil prices during the last price cycle.

“Across the community we are trying to encourage people to plan a road trip and start to head out after months in isolation, so now is hardly the time to be artificially forcing up your prices and ripping families off,” Mr Khoury said on Thursday. 

“While global oil prices are starting to increase … the terminal gate price still remains relatively low so there is no reason for service stations to be pushing up their prices.”

NRMA says the price of diesel in Sydney continues to be inflated by almost 15 CPL over the wholesale price, with the average price sitting at 115 CPL.

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