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

 

International Pressure - Further Petrol Price Rise

MEDIACOM-RELEASE-SHELL-NEW-ZEALAND

CONTINUED INTERNATIONAL PRESSURE PROMPTS FURTHER PETROL PRICE INCREASE

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).

ENDS....

MEDIA RELEASE FROM SHELL NEW ZEALAND

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>