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

 


PetrolWatch – February 2014: Fuel prices rise

3 March 2014

PetrolWatch – February 2014: Fuel prices rise for the first time in two months

Fuel prices rose two cents per litre in late February, the first price change in six weeks. The price of 91 octane petrol rose to $2.18 per litre at most brands, with diesel rising to $1.52 per litre.

“It’s the first price increase in two months, and reflects increases in commodity prices since retail prices last changed in mid-January,” says AA PetrolWatch spokesperson Mark Stockdale. “Since then, the exchange rate has remained the same but the imported cost of fuel has risen $3-4 a barrel due in part to political unrest in Libya and Venezuela.”

“This time last year, motorists were paying $2.21 per litre for 91 octane petrol, and $1.55 per litre for diesel, with the exchange rate about the same.”

Mr Stockdale says that at current commodity prices, the imported cost of petrol makes up less than half of the retail price at 96 cents per litre. Taxes make up another 93 cents – two-thirds of which funds transport projects and ACC. By comparison, the imported cost of diesel is 99 cents per litre, so if excise tax was included in the price of diesel like it is with petrol (instead of Road User Charges), the retail price of diesel would be about $2.21/litre including GST.

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

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news