Petrol prices getting close to last year's record. What about your city or town?

Forums › Transport (cars, bikes and boats) › Petrol prices getting close to last year's record. What about your city or town?

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#2884756 11-Mar-2022 09:56

floydbloke:
Bordering on politics, the GST take on petrol per day is approx. $1million more than it was a year ago.

(Calculated as follows, petrol price $1 more per litre, annual petrol sales of 3.2 billion litres per year [source: comcom], arbitrary deduction by me of 20% for commercial sales, = 7 miilion litres of retail petrol sales per day.)

Assuming sales volumes are the same. If sales drop, so does the tax revenue.

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Scott3

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#2884765 11-Mar-2022 10:09

Central auckland:

High octane fuel at my local fuel station is $3.609 (98 ron). And at the nearest discount operator (Waitomo Epson, about 3km away), it has broken $3 ($3.11 for 95).

That said I don't often buy fuel in Auckland as we have a leaf in the household for around town stuff.

And of course, my normal "fill up before the Auckland fuel tax" spots:

Allied Maramarua: $3.019 for 95RON
Gull Hampton downs: $2.997 for 95 RON.

floydbloke:

Bordering on politics, the GST take on petrol per day is approx. $1million more than it was a year ago.

(Calculated as follows, petrol price $1 more per litre, annual petrol sales of 3.2 billion litres per year [source: comcom], arbitrary deduction by me of 20% for commercial sales, = 7 miilion litres of retail petrol sales per day.)

That number should not be considered in isolation. Consider:

Some consumers will spend less in other area's when fuel prices are higher, causing a reduction in GST take in other area's.
Elasticity of petrol in NZ (short term I assume) is estimated to be around -0.15. i.e. for a 10% petrol price rise, consumption will fall by 1.5%. This is considered quite inelastic, but is far from being complexly inelastic. petrol going from $2.14 to $3.20 is a 50% increase, so we would expect around a 7.5% drop in consumption. Meaning the GST revenue on fuel when the price increases won't be quite as much as what would be calculated based on static demand. Also tax revenue from per liter taxes (road tax, acc levy, Auckland regional fuel tax etc) will be down by about 7.5%

Suffice to say, governments don't exactly cream it when it comes to fuel tax revenue when price is high. Also it is not politically palatable to increase road user taxes at times of high fuel prices.

Oblivian

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#2884827 11-Mar-2022 11:26

Opec last week, it's not a supply thing

OPEC this week, ok maybe it is. We'll help.

Right after I sharetank 100lt @ 2.91 thinking there may be 15c more at play yet.

Gamble may not pay off now if the discounter brands hold back like they are and it doesn't bump more.
Essentially a loss if it remains stable as NPD/mckeowns are 12c less than main players

Lol at BP tho. They're on drugs. Avg price here is 2.99/3.15-20. yesterday they moved to 3.06 and 3.33 at some stations for 95!

wellygary

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#2884882 11-Mar-2022 12:32

11 Mar, 2022 12:03 PM

"Fuel up now before the next big petrol price hike.
That's the warning issued this morning by 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," Ormsby said.

"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."

Orsmby advised motorists to fill up today before 6pm, when the latest price rise will kick in.

https://www.nzherald.co.nz/business/ukraine-russia-war-fuel-petrol-price-hike-warning-to-motorists-fill-up-now/OSGGPFUV4OAPY7OOPLZSOK4NOI/

richms

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#2884884 11-Mar-2022 12:35

Was $360.9 for 98 at the mobil I drive past this morning. Ouch.

I have been told that some are expecting we will be at $5 by june if production doesnt increase from not-russia. So I hope that the increase in output does help out with that not happening.

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Oblivian

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#2884942 11-Mar-2022 13:16

Makes you wonder if Waitomo is supplied by BP.
I wouldn't be surprised, it's going to be one of the big 3 they just have wholesale buying power.

Same as NPD

Used to be able to tell by the accepted loyalty cards but some of them mix-and-match now

wellygary

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#2884996 11-Mar-2022 13:34

Oblivian: Makes you wonder if Waitomo is supplied by BP.
I wouldn't be surprised, it's going to be one of the big 3 they just have wholesale buying power.

Same as NPD

Used to be able to tell by the accepted loyalty cards but some of them mix-and-match now

With the changes they now have terminal buying privileges from anyone, so I think the days of X being supplied by Y is probably being diminished

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tukapa1

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#2885005 11-Mar-2022 13:47

I've heard a likely 40c per litre increase on retail prices expected tonight after 6pm.

Rikkitic

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#2885011 11-Mar-2022 14:04

tukapa1: I've heard a likely 40c per litre increase on retail prices expected tonight after 6pm.

And where did you hear that? Statements without citations are just rumour, and we already have more than enough of that here.

Plesse igmore amd axxept applogies in adbance fir anu typos

GV27

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#2885016 11-Mar-2022 14:14

tukapa1: I've heard a likely 40c per litre increase on retail prices expected tonight after 6pm.

40 cents per litre on top of retail prices for 98 would put it above $4.

There would be absolute carnage if that was the case.

nzkiwiman

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#2885060 11-Mar-2022 15:19

But I read that the price of crude when down, so why even more price increases today?

wellygary

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#2885065 11-Mar-2022 15:29

nzkiwiman:

But I read that the price of crude when down, so why even more price increases today?

Becuase Waitomo and everyone else in NZ don't buy Crude, they buy products (91,95,98 etc) which are linked to Singapore refinery Benchmarks, ...

Ultimately there is a link through to Crude prices, but its laggy and certainly won't be a daily pass though....

(Esp when prices fall - the refinery will buy crude at a high price, but they have to sell it days weeks later.... they won't wear the loss, they will continue to pass through the original price they bought the product for)

mudguard

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#2885077 11-Mar-2022 16:00

I must admit I get tired of the reduce fuel excise argument. I realise it's about 50% of the price. So if the government wiped it tomorrow and prices fell 50%, I'm sure operators will realise what the market can stand, and it will slowly creep up again. And the government coffers will need to be topped up from somewhere else.

I filled up my neice's car this morning. I didn't even look at the price but it must've been bang on $3.00. 40L for $120 or so of 91 at Gull.