Shell Petrol To Rise Another Three Cents Per Litre
Petrol Price Increase - 3 Cents From Midnight Tomorrow
Shell is increasing the wholesale price of petrol across all grades by three cents from midnight tomorrow night (Tuesday 27 July).
Shell Corporate Communications spokesman, Antonius Papaspiropoulos, says a three cent price increase introduced a fortnight ago was not enough to recoup the increased costs of crude oil.
Prices for Dubai crude oil have jumped from NZ$20 per barrel in January to more than NZ$35 per barrel in July. Imported petrol has increased by NZ$17.8 per barrel over the same period.
These increases are the equivalent of a 9.7 cents a litre jump in the price of crude oil, and a 11.2 cents a litre increase in imported petrol.
"These price movements over the past few weeks are due to outside influences - specifically, the increased charges which OPEC countries have imposed on their customers. All the indications are that they will remain at these levels for some time."
Mr Papaspiropoulos says increases of this magnitude could not be absorbed, and regrettably that means prices must rise.
Shell has delayed the price increase by a day to give customers the opportunity to fill up after the weekend.