Crude oil prices dropped

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#2135996 28-Nov-2018 14:49

Batman:

I read on CNN that crude oil prices have dropped 30%.

But not seeing it at the pump are we ....

We certainly are.

Petrol prices in Wellington have dropped 40 cpl in the past 6 weeks or so since it peaked at 249.9 in October. It's now around 209.9

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Rikkitic

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#2135998 28-Nov-2018 14:51

Amazing what happens to the oil price when you let a Saudi crown prince get away with murder.

Plesse igmore amd axxept applogies in adbance fir anu typos

sbiddle

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#2136001 28-Nov-2018 14:55

ockel:

The Govt jawboned the petrol retailers in week 41 of the calendar year. At that time the importer margin was 33.9cps. The margin INCREASED after Ardern made her statement. I dont think the fist shaking had any effect. Fuel prices are collected and collated by MBIE and so arent hidden (and the methodology hasnt changed). Margins peaked in week 43 and have been declining since (as with the price).

The retailer margin % currently sits at 30% - higher than the period that Ardern made her opinion known. Govt - action? hell no.

MBIEs fuel reporting these days is highly flawed, and even MBIE themselves accept that.

In the old days where there was a "national" price and retailers didn't charge 10c extra just to give you 10c off it was very easy to look at margins. Now it's incredibly complex. For the past 5 months as an example petrol in Auckland was cheaper than Wellington despite the fact Auckland had a huge tax increase. Areas where petrol was sold at a premium subsidised areas where it was sold at an effective loss.

As much as I despise Z they are publicly listed and their financial reporting doesn't tell lies. True net margins are not excessive, and Z as an example have really struggled to maintain profit margins and market share against other players.

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#2136009 28-Nov-2018 14:56

Linuxluver:

ockel:

...

The Govt jawboned the petrol retailers in week 41 of the calendar year. At that time the importer margin was 33.9cps. The margin INCREASED after Ardern made her statement. I dont think the fist shaking had any effect. Fuel prices are collected and collated by MBIE and so arent hidden (and the methodology hasnt changed). Margins peaked in week 43 and have been declining since (as with the price).

The retailer margin % currently sits at 30% - higher than the period that Ardern made her opinion known. Govt - action? hell no.

Oil companies in NZ have never, ever taken any notice of what any government says. Not in the 35 years I've been paying attention anyway.

The price of oil has been a political football for decades. Just stop using the stuff. I stopped 2.5 years ago. Once you've done it......you realise it's not just about transport. It's also about not being held hostage to every manufactured "crisis" in the northern spring to drive the price up during the North American and European summer holidays.

For some people there's no need or it anymore. Finally....and they are unhooking from petrol dependency. :-)

I fixed that for you.

Electric car owners are a little like vegans/vegetarians in their preachy type stance with electric cars.

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#2136018 28-Nov-2018 15:11

networkn:

Fossil fuel junkies are a little like American presidents in their self-serving ostrich-like stance with planet-killing diesel smog belchers.

I fixed that for you.

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#2136029 28-Nov-2018 15:23

Rikkitic:

networkn:

Fossil fuel junkies are a little like American presidents in their self-serving ostrich-like stance with planet-killing diesel smog belchers.

I fixed that for you.

ding ding ding corners people

networkn

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#2136032 28-Nov-2018 15:26

Rikkitic:

networkn:

Fossil fuel junkies are a little like American presidents in their self-serving ostrich-like stance with planet-killing diesel smog belchers.

I fixed that for you.

Let me know when you stop buying anything delivered by fossil fuel and stop using any yourself. Then you can preach.

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#2136044 28-Nov-2018 15:38

networkn:

Let me know when you stop buying anything delivered by fossil fuel and stop using any yourself. Then you can preach.

Let me know when you stop using that as an excuse to add to the problem.

Plesse igmore amd axxept applogies in adbance fir anu typos

MikeB4

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#2136045 28-Nov-2018 15:40

Rikkitic:

networkn:

Let me know when you stop buying anything delivered by fossil fuel and stop using any yourself. Then you can preach.

Let me know when you stop using that as an excuse to add to the problem.

I think I heard the recess bell.

Can we now get back to the topic

MikeB4

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#2136046 28-Nov-2018 15:42

The 95 at my local has dropped quite a bit in the last few days, my last fill was from memory $2.14 per litre.

ockel

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#2136182 28-Nov-2018 16:48

Rikkitic:

Fossil fuel junkies are a little like American presidents in their self-serving ostrich-like stance with planet-killing diesel smog belchers.

Oct 2018: Ford Ranger 876 new registrations. All EV vehicles combined 638.

YTD 2018: Ford Ranger 8306 new registrations. All EV vehicles combined 4364. One SUV model outsells almost 2 to 1. Ouch.

There are a lot of ostriches out there, huh?

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#2136208 28-Nov-2018 17:42

ockel:
Rikkitic:

Fossil fuel junkies are a little like American presidents in their self-serving ostrich-like stance with planet-killing diesel smog belchers.

Oct 2018: Ford Ranger 876 new registrations. All EV vehicles combined 638.

YTD 2018: Ford Ranger 8306 new registrations. All EV vehicles combined 4364. One SUV model outsells almost 2 to 1. Ouch.

There are a lot of ostriches out there, huh?

Big change from the stats even two years previously I would think.

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#2136287 28-Nov-2018 22:08

ockel:

Rikkitic:

Fossil fuel junkies are a little like American presidents in their self-serving ostrich-like stance with planet-killing diesel smog belchers.

Oct 2018: Ford Ranger 876 new registrations. All EV vehicles combined 638.

YTD 2018: Ford Ranger 8306 new registrations. All EV vehicles combined 4364. One SUV model outsells almost 2 to 1. Ouch.

There are a lot of ostriches out there, huh?

Coz they can't drive enough slave children to mine the lithium at the moment. When they find more kids then you will see more EVs.

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#2136366 29-Nov-2018 06:40

I struggle to wonder why you all think a drop in crude price can translate to an immediate pump price reduction.

Even the AA can explain this...

1) Crude = raw material that is shipped in from overseas by boat once purchased.

2) Petrol = finished goods which most of the time is manufactured in NZ from crude (or imported from perth if your name happens to be Gull).

3) Hedging = you all have this concept correct, but last time I checked hedging was done many many months in advance somtimes out to 1 year.

4) TIME = you all do not have this concept correct i.e for the pump price to drop, the crude price has to be continually dropping, then once the next shipment is purchased at the new prices...is when pump prices can be lowered (because the forward forecast factors in the lower cost of raw materials).

thats it from me.

Batman

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#2136383 29-Nov-2018 07:37

Well then why when crude oil goes up you see petrol price hike immediately eh

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