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

 


Fuel prices for October

AA PetrolWatch – October 2005

Fuel prices for October
At the beginning of October, the price of 91 octane was around $1.52/litre.

During the month pump prices dropped 3cpl early in the month and importer margins then rose quickly mid month. Towards the end of the month pump prices dropped by 4cpl, 2cpl and then 3cpl for three pump price falls in a week.

Pump prices for 91 octane ended the month around 12c/litre lower for the month. This is very welcome news for motorists.

Whilst prices have eased over the month it is still too soon to predict a longer term trend of price reductions.

Importer margins were above average for the month. The AA recently sought feedback from the oil companies to get a feel for where things are headed. They reported that the market is still very volatile with strong demand. Some said it was now harder to secure fuel cargoes and they were sourcing product from more distant markets. The reasons given were high demand and limited refinery capacity, around 10% of USA refinery capacity is still closed.

“It is very important that whether prices are rising or falling that good information is provided by the oil companies to motorists at the time of price changes to explain the underlying reasons for price movements”, Mike Noon AA’s Motoring Affairs Manager said.

The AA advises motorists to watch service station price sign boards and to look for the best prices.

Diesel versus petrol prices
A notable recent change in the market is that the relative prices of diesel and petrol have reversed on international markets, with diesel on the spot market now more expensive than petrol.

Diesel pump prices broke the $1/litre mark at the beginning of September and unlike petrol prices they have not fallen at all through October. This leads to pressure on the budgets of users of diesel, including freight firms, industrial, fishing and agricultural machinery, bus companies, and small businesses as well as owners of light diesel vehicles.

Diesel is however still cheaper than petrol at the pump. This is because there are less excise taxes on diesel fuel compared petrol but diesel vehicles are also required to pay Road User Charges separately.

Demand for diesel worldwide is currently high and this effecting prices. Demand is being driven by a general worldwide increase in diesel usage and the USA and Europe moving into winter where diesel is used for domestic heating.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news