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

 

Another Two Cent Petrol Price Rise At Caltex

New Zealand¹s fourth biggest oil company has announced a two cent per litre increase in the retail price of petrol and diesel effective from midnight tonight (Wednesday 25 August 1999).

Caltex New Zealand Limited says the rise is due to increasing prices for crude oil world-wide. The price of crude is now the highest it has been since the Gulf War of 1990, the company says.

Mr Bruce Hollett, General Manager Sales of Caltex, said since 1 December 1998 the price of crude oil had risen from NZ$18.64 a barrel to NZ$38.26, or 12.34 cents per litre excluding GST.

New Zealand refines about 80 per cent of its fuel requirements from crude oil at the Marsden Point Refinery. Mr Hollett said the shortfall was made up by importing refined product, most of it from Australia.

"This imported petrol is bought on the spot market where the price has gone up slightly more than 16 cents a litre since late last year," he said.

In the past month, including the latest rise, petrol prices had increased by 9.77 cents per litre in the North Island and 8.89 cents per litre in the South Island, far from making up the increases of 12.34 cents or 16 cents a litre Mr Hollett said.

The deficit between the rise in international oil costs and the increases in pump price had been absorbed by Caltex through restructuring to increase efficiency and minimise the impact of rising crude prices.

Mr Hollett said common public perception of oil companies making excessive profits was not correct.

"In many industries, our margins would be considered laughable in relation to the large amounts of capital employed."

He could not rule out further price increases before the end of the year but acknowledged that recent price increases at the pump would have some impact on inflation.

"Unfortunately, the price rises are beyond our control dictated as they are by the world market for crude. We have tightened our belts considerably and there aren¹t any notches left right now," he said.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>