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

 

$US6.50 per Barrel increase for petrol

Gull confirms change in key Singapore benchmark prices overnight


Auckland, 17 September 2019 Gull confirmed today that wholesale international refined fuel prices in Singapore rose by around:

· $US 6.50 per barrel for petrol, and

· $US 5.50 per barrel for diesel overnight.

This is the first trading day for the key Singapore market for refined petrol and diesel since the attacks on major oil facilities in Saudi Arabia over the weekend.

With a $NZ to $US exchange rate of 0.638 this translates to an increase in prices of approximately:

· 6.5 New Zealand cents per litre for petrol, and

· 5.5 New Zealand cents per litre for diesel

One barrel is the equivalent of just under 159 litres.

“The long held rule of thumb of a $US1 increase in the price of a barrel of crude oil equates to a cost increase of 1 New Zealand cent per litre still holds “ notes Dave Bodger General Manager of Gull New Zealand.

Gull committed to not increasing prices at its company controlled outlets prior to the end of the working week.

“We will monitor the situation daily” noted Bodger “ We appreciate that any price increase is a major blow for Kiwi motorists, and we will minimise and delay this as much as possible.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: NZME 'In Discussions' To Buy Stuff

NZME confirms that it is in discussions with Stuff’s owners Nine and has put a proposal to the Government regarding a possible transaction. However, NZME notes that these discussions are preliminary... More>>

Consultation: Plan Of Action To Protect Seabirds

The draft National Plan of Action plan outlines the Government’s commitment to reducing fishing-related captures of seabirds, with clear goals and objectives, supported by an implementation plan. More>>

ALSO:

Housing Issues: Fairer Rules For Tenants And Landlords

The key changes include: - Limit rent increases to once every 12 months and banning the solicitation of rental bids by landlords. - Improve tenant’s security by removing a landlord’s right to use no cause terminations to end a periodic tenancy agreement... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment remains around its maximum sustainable level while inflation remains below the 2 percent target mid-point but within our target range... More>>

ALSO:

Food Prices: Avocados At Lowest Price In Almost Three Years

Avocados are at their cheapest average price since February 2017, with tomato, lettuce, and cucumber prices also falling, Stats NZ said today. More>>