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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#2940691 11-Jul-2022 13:25

Scott3:

...

What the government can afford is just a function of how much they are willing to borrow (or to change tax take / spending in other area's). So if there was the political will they could absolutely keep the 25c discount for an extended period.

I don't buy your reasoning regarding am extended 10c tax reduction, based on GST take for the following reasons (no sources to just cite, just my take):

...

All fair points.

Mine was a straight mathematical comparison.

Sometimes I use big words I don't always fully understand in an effort to make myself sound more photosynthesis.

frankv

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#2940715 11-Jul-2022 14:33

Batman: All the infrastructure to pump oil is there. The world is held to ransom by oil rigs!

Yes indeed. But that infrastructure still has to be paid for. It was built with the expectation of making profits to cover the investment (plus handsome profits... after all it's a capitalist world). You also have to pay for the search for new oil reserves and development of those reserves (although that should surely have dropped with fracking, and with the expected reduction in petrol/diesel usage due to the move to EVs). And https://www.statista.com/statistics/294604/us-gas-and-oil-industry-expenditures-on-exploration-and-development/ shows that this has dropped since 2014 (US$147B down to US$59B in 2016, but increasing again toward 2020).

Oblivian

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#2943245 17-Jul-2022 21:49

So the 25c has been put off again until jan.

And Megan woods has sent a please explain over the profit margin jump again

Funny enough, the local stations out Here (normally ~8c more than chc itself) have dumped about 15c this weekend by looks.

I got a reasonable fill wed @ 2.84 w/10c off. So the norm was ~2.96-2.98. most of those now 2.75 as of tonight.

Share tank top ups may be on the cards for those that use over next few days.

Batman

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#2950494 4-Aug-2022 06:45

Batman: The thing is, fuel does not need to be expensive. All the infrastructure to pump oil is there. The world is held to ransom by oil rigs!

https://www.theguardian.com/environment/2022/aug/03/greed-of-fossil-fuel-companies-is-grotesque-says-un-secretary-general

https://www.theguardian.com/commentisfree/2022/aug/03/big-oil-fossil-fuel-non-proliferation-treaty

Zeon

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#2950672 4-Aug-2022 14:09

Prices have come back down pretty quickly - almost all now under $2.70 around East Auckland.

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tukapa1

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#2950673 4-Aug-2022 14:11

I filled up (91) for $2.45 this morning in New Plymouth. Makes a big difference to the bill.

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#2950677 4-Aug-2022 14:22

Gull Hobsonville (Auckland) at $2.62 per litre today for 91 Octane. That's the cheapest I have seen fuel for a long time!

Would be nice to see it fall further.

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#2950692 4-Aug-2022 15:07

Handsomedan:

Gull Hobsonville (Auckland) at $2.62 per litre today for 91 Octane. That's the cheapest I have seen fuel for a long time!

Would be nice to see it fall further.

Costco Westgate $2.52

That Gull price is their normal Thursday 10c discount.

But remember there is 29c to go back on at some stage (probably not this side of the general election).

And the 11c Goff tax grrrrr.

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#2950707 4-Aug-2022 16:06

Its amazing how the negative price pressures / price relief coincides with the Govt sending them a "please explain" letter. As always expected, prices shot up very quickly to absorb the 29c tax cut, consumers were no better off and only when the threat of intervention or investigation looms, do they deem us worthy of a price drop.

Someone so much as passes gas in the middle east and theres "market volatility creating upwards price pressure on oil" which is passed on to the consumer before the smell dissipates,. Oil prices drop and/or exchange rate becomes more favourable, all of a sudden the "long term views" become priority and price drops move at glacial retreat pace.

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#2950713 4-Aug-2022 16:32

What is a good floor price to buy 1000 Litres of 91 using Sharetank . To put aside. Untill prices hit 3$ again and the Tax comes back on.

I would pull the trigger and invest if it hits 2$

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#2950746 4-Aug-2022 18:24

I took the gabmle on 65lt just after she sent the please explain. At 2.76

I saved $25 according to the email at end of month.

Now I'm guessing down about 30 :/

It dropped 20c within the week I got it. And been further still. Used waitomo 10c off day for 2.43

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#2950862 5-Aug-2022 10:17

I bought some at $3.something :( so its just gonna sit in there till its back high again. Model 3 will probably be here first so I guess the lawnmower will be treated with 95 since theres no way to convert between grades in the tank.

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#2950879 5-Aug-2022 11:20

sen8or:
Its amazing how the negative price pressures / price relief coincides with the Govt sending them a "please explain" letter. As always expected, prices shot up very quickly to absorb the 29c tax cut, consumers were no better off and only when the threat of intervention or investigation looms, do they deem us worthy of a price drop.

Someone so much as passes gas in the middle east and theres "market volatility creating upwards price pressure on oil" which is passed on to the consumer before the smell dissipates,. Oil prices drop and/or exchange rate becomes more favourable, all of a sudden the "long term views" become priority and price drops move at glacial retreat pace.

Oil companies often increase the price when governments threaten to intervene. They know their conservative political allies will then whine about inflation and let the oil companies get away with playing politics with petrol prices.

Supermarkets have caught on to this game. They get to track up huge profits while the Opposition blames the government for inflation.

It's a sign the participants in these "markets" aren't competing.....they are price fixing for profit and political advantage.

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