Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Waitomo Warns Motorists To Fuel Up Ahead Of Unprecedented Price Hike

Fuel up now, and fast – that’s the warning from Waitomo Group Managing Director Jimmy Ormsby to Kiwi motorists.

“Today, we’ve been advised by our supplier that prices are increasing, with the biggest single jump in our wholesale price seen in my time.”

“Despite keeping our own costs as low as we can, so we can deliver the fairest pump prices while ensuring we remain sustainable ourselves, we can’t absorb all that rise ourselves – so pump prices are going to have to respond.

“A jump of this level is going to hurt motorists and businesses big time, so as a Kiwi business, we’re doing everything we can to minimise that pain, including forewarning our customers,” says Ormsby.

“Get in now, fill up as much as you can. We will supply as much as we can at the lower price until 6pm, but from then on, prices will start climbing, reflecting the unprecedented price increase we’ve received.”

Continued uncertainty over the Ukraine crisis, and the ban on Russian fuel by the US and UK has caused supply jitters in the market, with crude oil prices climbing to record levels not seen since 2008. Barrel prices have climbed more than 35 percent in a week.

"High fuel prices – like grocery prices, and housing prices – are part of the cost-of-living crisis, hitting Kiwis who least can afford it. Come spend a few hours pumping gas with me to get good taste of how tough it is for many Kiwis just trying to put food on the table,” Mr Ormsby said.

"The impact for Kiwis that can least afford it is what keeps me up at night," he says. “We’d not be living up to our Waitomo values if we didn’t do what we could to help.”

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

However, holding off any price increase isn’t sustainable, Ormsby says.

“Despite our own costs ramping up, we’ve held off pump price increases as much as we could over last week – and we’ve got form to prove it, with our prices lower by 30 cents compared to competitors in some regions.”

“Waitomo’s a Kiwi business like any other business. Cost of our crude or refined product and taxes are the main components of the pump price and we have no control over them. We’ve tightened our belts, kept our overheads and operating costs as low as we can, but we can’t continue to absorb everything passed on to us by our suppliers or Government.”

“That’s why we’re warning our customers of the window of opportunity before 6pm – it’s the fairest we can offer.”

Waitomo’s current pump prices will remain in place until 6pm tonight at all Waitomo Fuel Stops.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.