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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.

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