A petrol station in Sydney has got in early with petrol price drops, selling at just 49.9c a litre.
Ahead of predicted drops in fuel prices across Australia one petrol station in Sydney has got in early.
Metro Petroleum at Earlwood in Sydney was this afternoon offering E10 petrol for just 49.9 cents a litre reported.
Nearby service stations, in Sydney suburbs Croydon Park, Canterbury and Bexley, E10 was also on offer for under $1 a litre, ranging from 89.7 to 99.9 cents.
This evening, Metro Petroleum Earlwood’s fuel price for E10 was back up to 83.9c, more expensive than the neighbouring Earlwood Budget fuel station where it was costing 83.5c.
Despite price drop predictions across the board, it has been reported that multinational oil companies are “hoarding profits at the bowser”.
This is at the expense of Australian motorists who are paying premium prices amid job uncertainty due to the coronavirus.
Just three weeks ago it was predicted petrol could drop to $1 a litre in Australia after a price war ignited between Saudi Arabia and Russia amid coronavirus fears.
Oil prices plunged by more than 20 per cent in early March amid concerns that the coronavirus outbreak will see demand for energy falling as people cut back on travel.
Prices fell as Saudi Arabia, Russia and other oil-producing countries argued about how much to cut production in order to prop up prices.
The Organisation of the Petroleum Exporting Countries (OPEC) had suggested cutting back oil production to stabilise falling prices but Russia, the world’s second-largest producer, did not seem to be on board.
Extracted from News.com.au