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

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

f work for Pumpkin Patch staff

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news