Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mobil Confirms 2 Cents A Litre Petrol Price Drop

Mobil Confirms 2 Cents A Litre Petrol Price Reduction


Mobil Oil New Zealand began reducing petrol prices at its company-operated sites by 2 cents a litre from last night, a company spokesperson confirmed today.

The decrease follows a sharp decline in the price of refined products after the recent decision of the United States Government to release some of its strategic oil reserves.

"Fresh tension in the Middle East and the reluctance of the European Union to follow the lead of the United States in releasing reserves have pushed up crude costs. But at the moment, it's the falling price of refined products that's having the greatest effect on petrol prices.

"Mobil is committed to passing on the benefits of the lower refined cost as quickly as possible," the spokesperson said.

The reduction will apply to both grades of petrol but there will be no reduction in the price of diesel because of a world-wide shortage of diesel fuel as northern hemisphere countries build up stocks for winter.


Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: