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


Shell Says Forces Putting Pressure On Petrol Again

Shell Says Forces Putting Pressure On Petrol Prices



A combination of forces in the international oil market is again putting pressure on petrol prices in New Zealand

In the past week OPEC announced it would maintain its present levels of capped production past the original date of March 2000. The OPEC policy has seen oil prices double from historic lows nine months ago.

And the International Energy Agency said it expects the looming northern winter will cut stocks of spare oil to record low levels. In its report the Agency also said "the market needs more oil", which combined with tightening supply is forcing up crude prices.

The price of crude has risen significantly in the past two days pushing the price of Dubai Crude up to its highest price this year. The price of crude as of Monday 8 November was US $22.29 per barrel, today it stands at US $23.48, and the previous high this year was US $22.98.

While Shell New Zealand will continue to absorb these increased costs, the price of crude will need to drop in the very near future for us to be able to keep our pump price at the current levels.




© Scoop Media

Business Headlines | Sci-Tech Headlines


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news