Sydney petrol prices plunge after record highs

With almost every other cost of living going up, Sydney motorists are enjoying petrol prices that have plummeted 30 cents over the past month.

The average cost of regular unleaded is now 167.4 cents per litre, and people have been encouraged to fill up before Australia Day when prices are predicted to rise again.

Since record highs last yearSydney's wholesale prices have been on a downward trend.

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The wholesale price for unleaded is 169.6 cents, more than 30 cents below the June 22 record; while the average price for diesel is 200.2 cents, falling almost 40 cents since November.

Diesel's wholesale price has dropped 40 cents to 188.3 over the same period.

NRMA spokesperson Peter Khoury said there were big price variations across the city's petrol stations, and he urged motorists to shop around.

The gap between cheapest and most expensive service stations is currently 54 cents per litre, he said.

READ MORE: Supermarket prices up 9.2 per cent in final months of 2022

Globally, Brent Crude oil is trading at US$88 a barrel, its lowest price in more than a year.

Australia's cost of living crisis continues to bite, with new figures showing how much grocery bills rose in the last months of 2022.

Supermarket prices rose 9.2 per cent in the final quarter of 2022, according to investment bank UBS, who tracked 60,000 products from Coles and Woolworths.

The next Reserve Bank decision which could result in another bump in mortgage repayments is scheduled for February 7.

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