$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.”