Petrol prices rising again. 201.9c/l at Z here in Christchurch.

Forums › Transport (cars, bikes and boats) › Petrol prices rising again. 201.9c/l at Z here in Christchurch.

tehgerbil

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#222821 30-Aug-2017 08:18

Petrol prices have increased again, breaking the $2 per litre mark in Christchurch, it appears the investigation by the Government was a complete sham?

Anyone in the industry care to comment on the latest price increases?

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#1855077 30-Aug-2017 08:28

Hurricane Harvey?

MikeB4

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#1855078 30-Aug-2017 08:29

Increase in crude oil prices and exchange rate changes. The NZ $ is worth less US dollars currently. That probably does not justify the entire increase as they probably gained some margin by stealth

Here is a crazy notion, lets give peace a chance.

frankv

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#1855079 30-Aug-2017 08:30

Prices around here have stayed the same or even dropped. But I think that's more to do with the presence of Waitomo (one has just opened in PN :) ) than the Govt investigation.

Maybe also why the OP is paying more, as oil companies maintain their overall profit levels by gouging those that they still can.

davidcole

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#1855080 30-Aug-2017 08:32

I think the NZ dollar sneezed and changed by $0.00000001 which means that prices have to go up. Don't worry, when it recovers and holds for 2 weeks by $0.95 to the USD petrol will go back down

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Dratsab

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#1855083 30-Aug-2017 08:35

They're probably building up for a big 'discount' at the weekend.

surfisup1000

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#1855085 30-Aug-2017 08:36

Isn't Houston under water? Maybe that is why.

I don't see the govt investigation going far.

Never forget, it was govt has has increased taxes on petrol by quite some bit over the last few years. I believe they now collect around 75c/litre in tax after gst.

To be fair, 91 is selling for between 1.69 and 1.75 around Tauranga. The gull effect I suppose.

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frankv

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#1855086 30-Aug-2017 08:37

MikeB4:

... exchange rate changes. The NZ $ is worth less US dollars currently.

Not entirely true... whilst it dropped over the last couple of weeks, apart from that peak it's now higher than it has been for a year.

https://www.anz.co.nz/personal/migrants-travel-foreign-exchange/fx/exchange-rate-graphs/nzd-usd/

surfisup1000

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#1855088 30-Aug-2017 08:41

frankv:

Not entirely true... whilst it dropped over the last couple of weeks, apart from that peak it's now higher than it has been for a year.

They would use hedging too, so daily/weekly fluctuations mean very little.

MikeB4

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#1855090 30-Aug-2017 08:43

We buy our petrol now not last year, You need to compare the current price of crude. The price of crude has risen and the exchange overall is trending down, its up a bit this morning on early trades but by weeks end it will be down. I am not saying this fully justifies the increases but it goes part way.

Here is a crazy notion, lets give peace a chance.

Azzura

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#1855091 30-Aug-2017 08:46

"Ten oil refinery plants in the Houston area and Corpus Christi are shutting down because of the storm, according to a report released Sunday by S&P Global Platts. They normally have the capacity to refine about 2 million barrels of oil a day."

"Overall, the Gulf area is home to refineries and other operations that account for nearly one-third of the nation's capacity to turn oil into gas, diesel and other products."

They have to replace those refined products from someplace else...

MikeB4

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#1855094 30-Aug-2017 08:50

Our supplies come mainly from Asia and the Middle east purchased in US $

Here is a crazy notion, lets give peace a chance.

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vexxxboy

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#1855095 30-Aug-2017 08:50

1.69 in Rotorua this morning for 91

Common sense is not as common as you think.

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#1855111 30-Aug-2017 09:04

$167.9 the other day Auckland, North Shore Mobil

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Azzura

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#1855112 30-Aug-2017 09:08

MikeB4:

Our supplies come mainly from Asia and the Middle east purchased in US $

New Zealand may not get their refined products from the American markets. But currently --- the Americans would most likely be buying refined products from markets they don't normally buy from. Buying from where NZ does....causing a price rise.

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#1855114 30-Aug-2017 09:10

tehgerbil:

Petrol prices have increased again, breaking the $2 per litre mark in Christchurch, it appears the investigation by the Government was a complete sham?

The investigation was done, but I believe the results and actions aren't being accounced until after the election.

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