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

 


PetrolWatch – February 2013: Fuel prices reach 6-month high

1 March 2013

PetrolWatch – February 2013: Fuel prices reach 6-month high

Motorists received a rude shock during late January and February, with petrol prices rising 11 cents a litre, or over 5 percent, in the space of a fortnight.

After increasing 4 cents on 31 January, petrol prices climbed another 7 cents to end February on $2.21 per litre in the main centres. This was the highest price since August 2012 and just 2 cents shy of the highest price ever recorded. Diesel prices rose 5 cents to finish on $1.55 per litre at most service stations, some 37 cents below the record diesel price in July 2008.

“Despite the strong exchange rate, retail prices rose sharply due to increasing commodity prices, with crude oil prices reaching their highest level since April 2012,” says AA PetrolWatch spokesperson Mark Stockdale.

“The last time oil prices were this high, we were paying $2.20 per litre for petrol, when the Kiwi dollar was worth 82 US cents and taxes were 2 cents lower,” Mr Stockdale added.

According to AA PetrolWatch, the imported cost of petrol rose 11 cents per litre, and diesel 7 cents, between 18 January and 13 February.

“However, at the end of February the imported cost of petrol fell nearly 4 cents per litre, and diesel 2 cents, despite a reduction in the exchange rate. At current commodity prices, the fuel companies’ importer margins have risen above average, so the AA would expect retailers to cut pump prices shortly,” Mr Stockdale said.

For more information, go to: www.aa.co.nz/petrolwatch

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news