Volatile Ready-Made Prices Drive The Petrol Price
VOLATILE READY-MADE PRICES AND FALLING NEW ZEALAND DOLLAR CONTINUE TO DRIVE THE PRICE OF PETROL
In the past six days there have been significant changes in the price of imported ready-made petrol and the value of the New Zealand dollar.
Shell New Zealand last increased its prices on 16 May.
Since then the price of ready-made petrol has increased from $US31.05 to $US32.65 dollars per barrel. This increase is due to increased demand for petrol in the lead-up to the North American holiday "driving season" and is equivalent to 2.4 cents per litre (including GST) at the pump.
The value of the New Zealand dollar has fallen three cents against the US dollar to around US45 cents in the same period, which equates to 3 New Zealand cents per litre increase at the pump.
The four cents per litre (including GST) increase announced this morning means that the price of unleaded 91is now around $1.079 per litre (including GST) and premium unleaded 96, $1.129 per litre (including GST) in the main centres.
Mr Steve Foster, General Manager Retail said, "The volatility in both crude prices and exchange rates, that we have experienced over recent weeks, look set to remain unchanged until at least the next OPEC meeting in late June. OPEC may consider increasing quota outputs at that time."
Diesel prices remain unchanged at 67.5 cents per litre (including GST).