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


International Pressure - Further Petrol Price Rise



Continued pressure on international oil prices is forcing Shell New Zealand to raise petrol prices by three cents (inclusive of GST) across both grades from midnight tomorrow night (Tuesday 16 November).

Diesel will increase by one cent (inclusive of GST) at the same time.

Shell says the price of Dubai crude, now topping US$23.80 per barrel has given it no choice but to pass some of these cost increases on to customers.

Shell says the international oil market is directly driving these price increases.

"In the past week, OPEC and the International Energy Agency have indicated that oil prices will remain under pressure. OPEC has said that it would restrict supply beyond its original March 2000 deadline, and the International Energy Agency says the looming northern winter will cut oil inventories to record low levels. These two factors combined give Shell no alternative but to raise prices."

At US$23.80, today' s crude price is the highest it has been for three years, and reflects a more than 200 per cent increase since January 1999.

Last week, the company indicated that the oil market was again under pressure and that price increases were likely.

"We believe it is important to explain to customers what is happening in the international arena, and provide some forewarning of when price increases are likely. At least that way, there are no surprises."

Tomorrow's petrol price increase will be the seventh since the start of the year, equating to a 13.33 cent overall increase (inclusive of GST).



© 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