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Ultimate Geek


#268282 10-Mar-2020 06:55
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Oil dipped 34% overnight, who thinks we will see that represented at the pump?

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  #2435418 10-Mar-2020 07:08
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Z have already said yesterday it won't suddenly drop because oil could go back up again...

 

 


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Ultimate Geek


  #2435419 10-Mar-2020 07:10
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I’m sure there will be a good drop depending on how it stabilises. Up till now the drop in the oil price has been largely offset by the drop in the NZD against the USD.


 
 
 
 


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  #2435420 10-Mar-2020 07:12
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sbiddle:

Z have already said it won't be because oil could go back up again.


 



Yeah, heard that this morning, then they added ,”we might end up buying too much and then we would be a “distressed seller” aka have to sell it cheap.

What a load of bollox .... expecting 3c tomorrow :)

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  #2435421 10-Mar-2020 07:12
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Same old story. When oil goes up price at pump goes up immediately. When oil goes down... Well, not so fast.




 

 

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  #2435424 10-Mar-2020 07:21
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wellygary:
sbiddle:

 

Z have already said it won't be because oil could go back up again.

 

 

 

 

 



Yeah, heard that this morning, then they added ,”we might end up buying too much and then we would be a “distressed seller” aka have to sell it cheap.

What a load of bollox .... expecting 3c tomorrow :)

 

Oil futures for April are poor. I suspect Z have been exposed to hedging and stand to lose $$$ from this sudden drop.

 

Their line every time oil rises is that prices have to rise immediately because prices are based around the replacement cost of fuel - it's funny how that suddenly doesn't apply when the price of oil falls.

 

 


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  #2435426 10-Mar-2020 07:30
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And they will as always get away with this and their price collusion will continue.





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  #2435428 10-Mar-2020 07:35
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sbiddle: Oil futures for April are poor. I suspect Z have been exposed to hedging and stand to lose $$$ from this sudden drop.

 

In other words the massive price drop could see prices at the pump rise to make up for this shortfall.


 
 
 
 


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  #2435430 10-Mar-2020 07:38
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MikeB4:

 

And they will as always get away with this and their price collusion will continue.

 

 

I'm not sure why you think there is price collusion - retail petrol prices are anything but right now.


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  #2435431 10-Mar-2020 07:40
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/me Laughs all the way to the power point.





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  #2435435 10-Mar-2020 07:50
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SaltyNZ:

 

/me Laughs all the way to the power point.

 

 

Now that's just rude😀





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  #2435437 10-Mar-2020 08:00
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freitasm: Same old story. When oil goes up price at pump goes up immediately. When oil goes down... Well, not so fast.

 

 

 

This actually boils my blood. 

 

If ever there was an industry that needed a Royal Commission, it's the fuel industry. 





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  #2435439 10-Mar-2020 08:02
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Dratsab:

 

sbiddle: Oil futures for April are poor. I suspect Z have been exposed to hedging and stand to lose $$$ from this sudden drop.

 

In other words the massive price drop could see prices at the pump rise to make up for this shortfall.

 

 

Not rise - but if they'd got hedging in place they could still be paying higher costs for oil even though the price has dropped. They probably have some limited hedging - they're not like airlines who rely on it.

 

Air NZ for example (like most airlines) have most fuel hedged, so won't see the price they pay for fuel drop in the short term.

 

 


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  #2435449 10-Mar-2020 08:33
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just out of the curiosity, I checked oil price vs petrol price in NZ yesterday

 

oil price, 2013 - ~$102 USD

 

petrol price, 2013 - $2.07 NZD

 

------

 

oil price, 2019 - ~$55 USD

 

petrol price, 2019 - $1.93 NZD

 

 

 

yay for government tax, regional tax, import tax, etc

 

So I absolute doubt we see price drop below $2 now... as it's 2.22 - 2.35 on average before discount in AKL :(

 

 





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  #2435452 10-Mar-2020 08:50
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As of this morning the price range for 91 in Wellington area is $2.02 to $2.31. For 95 it is $2.14 to $2.40. Diesel is $1.33 to $1.59





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Master Geek


  #2435461 10-Mar-2020 09:10
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As I understand oil companies in NZ are not price regulated, so they can set any price they want. They only limiting factor for them is competition, not oil prices themselves.


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