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

 

International Oil Prices On The Rise

15 January 2001

Concern that OPEC may cut oil production coupled with cold snaps in the Northern Hemisphere is putting pressure on fuel prices in New Zealand.

In the past fortnight, the cost of a barrel of crude oil has risen by $NZ5 to $NZ50 in anticipation that OPEC will reduce the amount of oil it produces in an attempt to raise prices.

OPEC meets in Vienna this Wednesday to discuss production cuts. Speculation that the cuts may be steep has pushed crude prices to their highest levels for a month.

At the same time, product prices (refined petrol and diesel) have also jumped significantly. Since late December, refined petrol prices have risen by $NZ10 and refined diesel prices by $NZ7.

Pushing up international diesel prices has been a series of recent cold snaps in Europe and North America. Diesel oil is commonly used for heating in the Northern Hemisphere.

BP’s Managing Director Peter Griffiths said recent world price hikes are making it very difficult for fuel retailers.

“Unfortunately, it seems that the recent spate of price drops will be short-lived. At least New Zealand motorists enjoyed cheaper prices over the summer holidays.”

Mr Griffiths said he could not predict what would happen to prices in the short term, but that a lot depends on the outcome of OPEC’s meeting on Wednesday.

- ends -

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>