Crude Oil Prices Soar to $44 Per Barrel

Tuesday, 28 September 1999, 8:46 am
Press Release: Mediacom press release distribution

Shell is raising petrol prices by three cents per litre including GST from midnight tomorrow (Tuesday 28 September). The rise comes as crude oil prices top NZ$44 per barrel - up from NZ$20.16 per barrel earlier this year.

Shell Corporate Communications Manager, Antonius Papaspiropoulos, says it is clear from last week's meeting of OPEC countries in Geneva that OPEC are committed to continued restrictions on supply until at least March next year.

"Local petrol price increases over the past two months have not kept pace with the increasing costs oil companies are being forced to pay oil producing nations. While OPEC countries continue to impose restrictions on oil output, pump prices around the world will continue to soar."

Weakness in the New Zealand dollar against the US dollar have only made matters worse as crude and product imports into New Zealand are transacted in New Zealand dollars.

Shell says its petrol cost increases since January this year equate to 16.1 cents a litre plus GST. To date, Shell has only recovered 10.67 cents plus GST per litre prior to the increase announced today.

Mr Papaspiropoulos says that in this environment, Shell regrettably has no choice but to raise prices.

ENDS....

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