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Topic # 30675 17-Feb-2009 14:07
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Is it just me or does everyone get angry when they see such headlines as todays "Major petrol companies raise prices" ?? 

They say: "BP spokesman Neil Green said the cost of refined petrol on the overseas markets has increased by 14 cents a litre in the past week."
However on this site also posted today i see different, although its light crude, but still.. its dropping, not rising!

Has anyone got any websites or personal analysis on the price of petrol over the last year? What im really after is a graph for price at pump vs barrel price (also taking into consideration the exchange rate i guess)..

My quick anaylsis: oil is sitting around $38 a barrel and is $1.71 at the pump with the $nz worth 0.51c usd. In july last year it was $147 a barrel and at around $2.15 at the pump (cant remember the exact cost and google is no help) with the $nz worth 0.76c usd.. Although im no good at maths i don't think that equation makes any sense at all, im sure petrol is over inflated here and these rises we are getting is unjustified..

I see there was a price freeze of petrol in 1982-1984... come on National and the comcom! im over ever increasing petrol costs, theres a recession in full swing, people have less money to spend on such things, but yet those greedy petrol companys can get away with near daily petrol increases! it goes down 3c one week then up again 6c the next week.. Dont get me started on two weeks ago, where it jumped 30c in 15 days or watever it was.

Anyways im more than likely over my head, hence why id love to see some graphs and anaylsis!

/rant

Would love to also hear some rants from other people!

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  Reply # 196296 17-Feb-2009 14:39
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I agree with you.

One interesting thing I noticed was that BP in Lower Hutt had increased the price by 1:30pm yesterday (Monday) and BP in Mana had upped their price as well, so they knew about the price increases then.

Obviously the current economic climate that everyone is going through doesn't bother these companies making their $1bn+ quarterly profits.

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  Reply # 196300 17-Feb-2009 15:20
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first of all let me point out that i'm not trying to defend the oil companies - i dislike the pricing as much as the next guy.  i'm merely pointing out the flaw in the argument:

garvani:
They say: "BP spokesman Neil Green said the cost of refined petrol on the overseas markets has increased by 14 cents a litre in the past week."
However on this site also posted today i see different, although its light crude, but still.. its dropping, not rising!


light crude (or any other crude) is a non-refined product - thus the name 'crude'.  The refined petrol is what comes out from the refinery after the crude oil is taken in.  An example of why the cost of this might increase is increased labour costs at the refinery, increased raw materials costs (other than crude, potentially subject to exchange rate fluctuations), or increased operating costs for the refinery (such as power, administration, IT, etc).  Hell even the insurance costs of paying for the ship to get the crude to the factory could have risen - especially given the piracy headlines recently.

In other words, its not as simple as exchange rate + oil price per barrel = pump price.

I still think petrol price rises suck though, and i especially dislike the fact that petrol tax is a % rather than a fixed amount.  Every petrol price rise also results in a higher govt tax take.




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  Reply # 196306 17-Feb-2009 15:34
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BP hiked prices yesterday and backed down again last night when nobody else followed.

Oil is stable and our dollar has had fluctuations but overall has not been a significant factor. The problem here is the price of refined product out of Singapore. it is being influenced by factors that really are unknown but appear to be speculators influencing the price of refined product ex Singapore.

The ACCC (Aussie commerce commission) announced several weeks ago they were investigating the price of Singapore refined product because it appears to have external factors that were causing price increases.

If you look at www.aip.com.au you will see that in line with the refined price these increases are actually justified - the big question is who is causing such significant price increases for Singapore refined product and why this is happening. These increases are not occuring elsewhere in the world to the same extent which tends to indicate human influence such as speculators. We all know the impact they had on the price of oil..

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  Reply # 196312 17-Feb-2009 15:43
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I still think petrol price rises suck though, and i especially dislike the fact that petrol tax is a % rather than a fixed amount.  Every petrol price rise also results in a higher govt tax take.


As far as I know all taxes on petrol apart from GST are on a cents per litre basis.

edit: thanks to sbiddle for the hint below: 52.6 c/l from http://www.med.govt.nz/templates/Page____12961.aspx

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  Reply # 196326 17-Feb-2009 16:50
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If you want to see the breakdown incl tax look at the MED website - link is on the front page. They detail this going back quite a number of years.

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  Reply # 196336 17-Feb-2009 17:07
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http://www.pricewatch.co.nz/

This link lists prices of petrol around the country. Not totally relevant to what you were after but a good way to compare prices between regions.

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  Reply # 196354 17-Feb-2009 18:33
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Many Caltex sites don't appear to have moved on price yet. I just filled up on my way home from the gym - for anybody who knows VIC Corner in Lower Hutt (all 3 sites within 100m of each other + a Pak 'n Save Fuel) I was absolutely amazed at 6pm to see the forecourts of both BP and Shell full with only 1 other car at Caltex and yet they were 6c cheaper on the board.

Some people just love being ripped off.


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  Reply # 196357 17-Feb-2009 18:48
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I see on TV tonite the champion of the motorist The AA say the price rise is justified.   Guess being in league with BP they have to say that. 




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  Reply # 196368 17-Feb-2009 19:31
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old3eyes: I see on TV tonite the champion of the motorist The AA say the price rise is justified.   Guess being in league with BP they have to say that. 


Yes.. It's only when a company other than BP increase first that it's ever unjustified..

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